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Subex today announced that it has cancelled 44,905 ESOPs that were issued under Employee Stock Option Plans of the company.
In February, the company cancelled 1,05,300 ESOPs, according to regulatory filings. These ESOPs were issued as a part of its employee retention plans in four tranches from 1999 to 2008. In the fiscal 2010-11, the company allotted 3,765 equity shares under ESOP 2005 scheme and 1,260 equity shares were allotted under ESOP 2000 scheme.
The stock options granted over the years have a vesting period of 1-4 years and can be exercised over a period of 3 years from the date of vesting with each option convertible into one fully paid-up equity share with a face value of Rs 10 per share. In the fiscal 2008-09, Subex allocated 1,187,619 equity shares to employees .
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