The Reserve Bank of India (RBI) permission has been obtained and the process for individual grants will be completed by the end of September. The company is listed in the New York Stock Exchange and its shares are being traded at $16.

Company managing director Ashish Vikram said this option will be granted on a merit basis. This will help the company attract and retain the best available personnel for positions of substantial responsibility and to provide additional incentive to employees, directors and consultants.

Employees will be offered the stock option at the scrips market value on the day of the grant, the price remaining fixed for the duration of the grant with the option expiring in five years. Option vests at the rate of 25 per cent every year whichmeans an employee is free to exercise 25 per cent of the option after one year, 50 per cent after two years and 100 per cent after four years.