Mumbai, Aug. 23: Reliance Capital, the financial services firm from the Anil D. Ambani group, today offered employee stock options (Esops), having a notional value of Rs 300 crore, to a select group of employees.

The employees will get stocks of its listed companies as well as "phantom shares" of its unlisted entities.

Holders of the phantom shares will receive cash after a specific period, the sum being linked to the market value of some listed stocks of the company. Previously, Cairn India had offered phantom shares.

In a statement, Reliance Capital said under its Esop Scheme 2017, it has granted Esops with a notional value of Rs 300 crore to 500 employees across its various group units.

Eligible employees have received options on the Reliance Capital listed stock and/or phantom shares of Reliance Capital's unlisted businesses.

Reliance Capital said the Esops comprise 9,21,000 shares of Reliance Capital plus shares/phantom shares of operating subsidiaries and associates. The grants have been approved by the board of directors of Reliance Capital and the respective group companies.

The scheme is part of the company's rewards programme aimed at retaining and incentivising key employees for their contribution to the growth and profitability of the company.

"We are delighted to offer Esops that will enable our key talent to participate in the long term wealth creation opportunities, linked to the growth of the company.

Retention strategy

"The scheme will help us to attract, retain and reward talent and also align the employees' sense of ownership with the company," said Anmol Ambani, executive director of Reliance Capital.

The scheme will be applicable to the employees of Reliance Capital and its businesses - including Reliance Nippon Life Asset Management, Reliance Commercial Finance, Reliance Home Finance, Reliance Nippon Life Insurance, Reliance General Insurance and Reliance Securities.

The stock options vest over a period of four years, with a customary lock-in period period.

The Reliance Capital stock today closed at Rs 766.65, a gain of Rs 22.30, or 3 per cent, on the BSE.