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Hinduja shareholders approve new name, ESOP

The shareholders of the Hinduja Finance Corporation Ltd on Tuesday approved the change of name of the company to Hinduja TMT Ltd (HTMT).

The new name reflects the current positioning of the company in the market as a technology, media and telecommunication convergence corporation.

In the extraordinary general meeting, the shareholders also approved the Employee Stock Option Scheme, under which IT division employees will be offered company's shares, the total number of which is not to exceed 2 per cent of the outstanding paid up capital existing at the beginning of the year.

The options will be priced at a discount that is not greater than 50 per cent of the closing market price on the Bombay Stock Exchange, on the date when the meeting of the Compensation Committee for granting the options is held.

The shareholders also passed a resolution for enhancing investment limits to 24 per cent of the total paid up capital for the NRIs/OCBs and 40 per cent of the paid up capital for FIIs.

The paid up capital and networth of Hinduja TMT as on the March 31 Rs 358 million and Rs 3.23 billion, respectively without taking into account the profitability of the current year as a result of the mergers already approved.

The total number of the employees under HTMT and its subsidiaries will be around 1800.

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