In a recent filing with the exchange, Borosil Renewable has granted 11,996 equity shares to its employees. The stock option is a part of the Borosil Employee Stock Option Scheme 2017 and signifies the company’s commitment to providing its employees with stock options as a form of compensation.
Borosil Renewables is the first and only company in India to manufacture solar glasses. Moreover, it specialises in producing high-quality solar glass products that are essential components for solar modules.
The filing also revealed that the allotted stocks will have a face value of Rs 1. As a result of this allocation, the total issued and paid-up equity share capital of Borosil Renewable has now risen to Rs 13,05,32,795, divided into 13,05,32,795 equity shares, each with a face value of ?1. This increase in capital also demonstrates the company’s augmented equity base due to the recent allotment.
Companies offer ESOPs to employees as a part of their reward and recognition strategy. It allows companies to incentivise and reward their employees’ performance and align their interests with the company’s success.
Furthermore, it boosts employee morale, and motivates them to be more productive and positive in the workplace. On the company’s part, ESOPs help companies to attract top talent and foster a sense of ownership and loyalty within the organisation.
Additionally, it also serves the company as a cost-effective way to compensate employees while conserving cash.
Recently, many other companies offered ESOPs to their employees including ICICI Bank, Paytm, Quess Corp, Just Dial, and Nykaa, to name a few.
