Zee Entertainment Enterprises Ltd, one of India’s largest listed media firms, said its board has approved an employee stock options (esop) programme for the benefit of its employees and directors. Stock options will be issued over a period of five years and would be convertible into equity shares up to maximum of 5% of paid up capital of the company. ZEEL is part of the Subhash Chandra (pictured) -promoted Essel Group. “The employee stock options scheme, subject to shareholders approval, is a mechanism to not only reward the efforts of the employees, as also to develop a greater ownership and to develop a stronger foundation for the future,” CEO Puneet Goenka said in a statement. The scheme is subject to the approval of shareholders of the company at the annual general meeting scheduled for 18 August.