RSUs

Wipro, in a recent official exchange filing, disclosed its issuance of 41,667 restricted stock units (RSUs) to its employees as part of its Employee Stock Ownership Plan (ESOP). These RSUs will be distributed to eligible employees according to a predetermined vesting schedule approved by the Nomination and Remuneration Committee of the Board. Over a specified period outlined in the schedule, employees will gradually gain ownership rights to these RSUs. This move not only serves as an incentive for employees but also aligns their interests with the company’s growth and success. The allocation of these RSUs became effective on September 5, 2023. An important feature of this ESOP is that employees have the flexibility to exercise these RSUs during a predefined exercise period. The committee has also given its approval for this exercise period, as mentioned in the official company filing. This allows employees to convert their RSUs into company shares at their discretion, taking advantage of favourable market conditions. On September 6, 2023, Wipro’s stock was trading at Rs 429 per share, reflecting a slight decrease of 0.66 percent. While the company has assured its employees of an impending pay raise, the official announcement of the same has been postponed until the third quarter, which spans from October to December, as opposed to the previous financial year’s announcement in September. Despite an 11.9 percent increase in profits reported in the first quarter, the company plans to continue hiring in specific areas, despite an 8,812 decrease in its overall headcount.