APRIL 28: Shonkh Technologies is going for an employee stock option scheme (ESOP), which will cover over 450 employees of the company. Under the scheme, which has been finalised by PricewaterhouseCoopers, the company is learnt to have earmarked 10 lakh equity shares for all its employees at all levels. This amounts to about 8 per cent of the company's present paid up capital, which is 122 lakh shares with a face value of Rs 10 each.As part of its employee stock option scheme, the company plans to allocate shares at par to its employees at a value of Rs 10 each. In addition, the company has also formed an employees compensation committee and an ESOP trust to manage, regulate and administer the scheme.
According to the scheme devised by the company, employees will not be required to pay any amount initially and will have to pay the base amount of Rs 10 per share only at the time of the sale of the share through the trust.The employees will also be issued redeemable warrants and the stocks will be vested with the trust till such time that the employee exercises the option of selling it. The trust will also provide services like employee counselling for investments, asset management and other related services.
The Rs 12.75 crore company also plans to make an initial public offer in May this year. It expects to raise Rs 165 crore through its maiden issue. Shonkh has also charted a Rs 200 crore development plan to be executed over the next two years.
As part of its business development plan, it will set up a software development facility at Bangalore for Rs 20 crore. In addition, the company will also set up a manufacturing facility for its Internet and Info Kiosks. The company will pump in about Rs 100 crore to set up the manufacturing facility. However, the location of the manufacturing plant is yet to be finalised. The company also plans to set up another manufacturing plant for about Rs 40 crore.
-- NK
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