Jindal Stainless Limited (JSL) on Thursday (November 27) through an exchange filing announced that the company has approved the allotment of equity shares to its Employee Welfare Trust under the ESOP Scheme 2023.

3.35 Lakh Shares Allotted to ESOP Trust

The Board’s Sub-Committee approved the allocation of 3,35,000 equity shares of face value Rs 2 each to the JSL Employee Welfare Trust on November 28, 2024.

These shares, issued under the Employee Stock Option Scheme (ESOP) 2023, are intended to incentivise employees by offering them a stake in the company’s growth.

Post-allotment, the company’s paid-up share capital increased to Rs 1,64,75,39,176, divided into 82,37,69,588 equity shares. The allotted shares will be transferred to eligible employees upon the exercise of their stock options, added the company in the regulatory filing.

Breakdown of Issued Shares

Employee Stock Options (ESOPs)

Number of shares - 1,67,500

Exercise price - Rs 285.65 per share

Total value - Rs 4,78,46,375

Premium per share - Rs 283.65

Restricted Stock Units (RSUs)

Number of shares - 1,67,500

Exercise price - Rs 2 per share

Total value - Rs 3,35,000

Stock Market Reaction

By 1:15 PM IST, JSL shares were trading at Rs 691.10 apiece on the NSE, a 0.75 per cent increase. The shares opened at Rs 687.50 and hit an intraday high of Rs 697.

Key highlights of the scheme

The company filed the requisite statement under SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, with BSE and NSE in November 2023.

About the execution, the shares allotted to the ESOP Trust will eventually be transferred to employees once they exercise their options.