As part of the plan, the company intends to offer 33 lakh shares to its employees under 1999 option plan and would seek its shareholders approval at the next annual general meeting on June 12.

Each option granted shall entitle an eligible employee to apply for one equity share of Rs 10 each at a fair market price determined by company's board and guidelines of Securities and Exchange Board of India (Sebi), company's annual report for 1998-99 said.

Currently, each Rs 10 share of ITL is traded at around Rs 3,200, both on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

The company's move to offer another plan follows Sebi in March this year announcing new regulatory framework for ESOP.

ITL last year had also approved an ESOP up to eight lakh equity shares to its employess both in India and overseas under 1998 plan.

Under this plan,the company early this year issued 2.13 lakh options equivalent to 1.065 lakh shares represented by American Depository Receipts (ADR).

Each option was granted at $34 (Rs 1,462) and two ADRs were equivalent to one share. The ESOP offer was besides the company offering its shares in US markets and listing the shares on American stock exchange "Nasdaq".

This is the third ESOP proposal offfered by Infosys to its employees. The first offer by the company was in 1994, which provided for issuance of 30 lakh warrants (adjusted for bonus issues) to its employees.

These warrants were issued to an employee welfare trust at Re 1 each and the trust purchased these warrants from the loan proceeds by ITL.

Each warrant entitled the holder to purchase one share of the company for Rs 100. All these warrants were exercised by the trust in 1997 in anticipation of a bonus issue and then converted into shares.

Following the conversion, the trust issued 15.05 lakh shares to ITL employees and the rest were issued to thetrust for future issuance.

ITL which came out with its Initial Public Offer (IPO) in February 1993 at a price of Rs 95 per share has been rewarding its shareholders regularly with dividend and bonus shares.

After the IPO, the company has annouced three bonus issues, each in the ratio of one share for every share held. An investor who had purchased 100 shares through IPO without selling them till date will be holding 800 shares worth Rs 25.6 lakh (at current market price of Rs 3,200 per share).