This is to inform you that the Nomination and Remuneration Committee of the Board of Directors at its meeting held today- October 24, 2018 have approved the grant of 1,12,500 (One Lakh Twelve Thousand Five Hundred Only) Employee Stock Options (ESOPs) to eligible employees. The broad terms and conditions of the said ESOPs are as under:
1. Options are granted at the PAR Value of Rs. 5/- per share.
2. On exercise of the option, one equity share of face value of Rs. 5/- each shall be allotted per option.
3. Options shall vest over a period of three years in the ratio of 20:30:50.
4. Options will vest after the end of year 1st /2nd /3rd in the proportions mentioned in point 3 above.
5. The vested options can be exercised within a period of seven years from the date of vesting.
You are requested to kindly take the same on record.
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