Wipro has awarded 41,667 restricted stock units (RSUs) to its workforce as part of its employee stock ownership plan (ESOP). The company made this significant announcement through an official exchange filing.
The scheme will see RSUs being distributed to eligible employees following a vesting schedule agreed to by the Nomination and Remuneration Committee of the Board. Employees will receive ownership rights to these RSUs over a specific period as specified in the schedule. In addition to being an incentive for employees, the scheme also aligns their interests with the company’s growth and success.
The allocation of these RSUs became effective on 5 September, 2023. Importantly, employees will have the flexibility to exercise these RSUs during a predefined exercise period. This exercise period has also received the green light from the committee, as indicated in the official company filing. It allows employees the opportunity to convert their RSUs into company shares whenever they feel it will be most advantageous.
On 6 September 2023, the stock of Wipro was trading at Rs 429 per share, which is a slight decrease of 0.66 per cent.
While the company has assured that there will be a pay hike, the official announcement of the same has been postponed till the third quarter, that is, October to Decembers, instead of September as in the last financial year. Having reported 11.9 per cent increase in profits in Q1, the company intends to keep hiring in specific areas. Its net profit rose to over Rs 28 billion for the June quarter, although its headcount fell by 8,812.
