Persistent Systems extends ESOP to a large section of its global employee base

Approximately 80% of employees of the company are expected to be covered under this plan.

Oct 11, 2021 01:10 IST India Infoline News Service

Persistent Systems announced the extension of its Employee Stock Option Plan (ESOP) to a large section of its global employee base. Persistent's employees have been foundational to the Company's success, and the ESOP will reward them for the resilience they have shown during the last two years. Approximately 80% of employees are expected to be covered under this plan.

Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent Systems said, "We acknowledge our employees' hard work and dedication that has been the bedrock of our industry-leading growth and shareholder returns over the past several quarters. We are please to offer our global employees the opportunity to participate in this ESOP, thereby providing them the opportunity to participate in the value created for our shareholders as co-owners in the Company. We are confident this gesture will further our employee commitment to the organization's success and be value accretive in the long term for our various stakeholders."

Anand Deshpande, Founder, Chairman, and Managing Director, Persistent Systems said, "In our 30+ year history, Persistent's culture has been committed to supporting the career growth and aspirations of our team. This announcement reiterates our commitment to inclusivity and shared access to long-term financial benefits for our global Persistent team."

Considering the positive outcome expected out of the broader participation and sense of ownership by employees, we believe that the expense from the ESOP, which will be in the range of 70-80 bps, would be largely offset over time. The plan is in accordance with the approvals received from shareholders in July 2021.

At around 1.46 pm, Persistent was trading at Rs3954.45 per piece down 1.5% on Sensex. 

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