Idea Cellular Ltd has informed that the Board of Directors of the Company at its meeting held on September 10, 2007, has decided / granted approval as follows:
1. The Board at its meeting held on October 19, 2006 had approved the parameters for launch of Employees Stock Option Scheme, 2006 (ESOS 2006) post the Initial Public Offering (IPO) subject to necessary approvals.
At the meeting held on September 10, 2007 the Board has resolved to price the grant of ESOPs at 7 days average closing price immediately preceding the date of grant on the stock exchange where the shares of the Company are highest traded to be discounted upto 30% as may be decided by the ESOP Compensation Committee.
The above is subject to approval of shareholders through postal ballot and further administration by ESOP Compensation Committee. The other parameters decided the Board Meeting held on October 19, 2006 remain unchanged.
2. Decided to de-merge passive (Tower) Infrastructure of the Company into a wholly subsidiary under section 391 to 394 of the Companies Act, 1956 subject to all regulatory approvals.
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