Mumbai: Aditya Birla group companies - Hindalco, Aditya Birla Nuvo and Ultratech Cement - will together issue employee stock options worth Rs44.28 crore.

Under the ''Employee Stock Option Scheme -2006'', each option is convertible into one equity share of the respective firms, the companies informed the Bombay Stock Exchange (BSE).

The compensation committee of the board of directors of the companies has approved the grant of a total of 22.02 lakh stock options.

Aditya Birla Nuvo would issue 1.63 lakh stock options at a price of Rs1,180 apiece, while Hindalco''s 19.40 lakh stock options are convertible into shares of Rs98 each, the filing said.

Besides, Ultratech Cement would grant 99,010 stock options, convertible into shares at a price of Rs606 each.

The options would be vested in four annual installments from the year of grant and shall be exercisable within a period of five years from the date of vesting.

The options would be granted to the employees of the two firms including the whole-time directors, it added.