23% of ESOP-2023 Options Vest on Third Anniversary of Grant
Third-year vesting under SMEL Performance ESOP Scheme (ESOP-2023).
By ScoutQuest · · 1 min read
- Options Vested
- 1,31,537 options (23% of grant)
- Total Grant
- 8,59,738 options at ₹ 326 each
- Vesting Date
- 25 September 2026
- Eligible Employees
- 62 employees
- Options Exercised
- Nil
What was shared
The company intimated the exchanges that, per the vesting schedule, 23% of options granted under the SMEL Performance ESOP Scheme (ESOP-2023), a sub-plan of the SMEL Employee Stock Incentive Plan - 2023, are now vested on completion of the third anniversary of grant.
Key details
- Options granted on September 25, 2023: 8,59,738 to 62 eligible employees
- Options vested with effect from 25th September, 2026: 1,31,537
- Exercise price: ₹ 326 per option, stated as a 25% discount to market price (closing price on NSE on September 22, 2023)
- Each option converts into one fully paid-up equity share of face value ₹10
- Options exercised: Nil; money realised: Not Applicable
Vesting schedule
- First anniversary: 20% of eligible options
- Second anniversary: 23%
- Third anniversary: 23%
- Fourth anniversary: 34%
How it works
Vested options may be exercised in whole or in part within a maximum period of 1 year from the date of the respective vesting, during notified exercise windows, on payment of the exercise price plus taxes. Shares allotted on exercise are not subject to lock-in.
The scheme is administered through an ESOP Trust that is authorised to purchase shares from the secondary market to facilitate exercises. Eligibility is determined by the Nomination and Remuneration Committee.
How investors may read it
This is a routine, schedule-driven employee incentive event rather than a new grant or a business development. Because the trust buys shares from the secondary market, the mechanism differs from fresh issuance; the update records no exercise as of now.
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More numbers
- Vesting percentage on third anniversary23%
- Options vested1,31,537 Options
- Total options granted8,59,738 Options
- Eligible employees62 Eligible Employees
- Exercise price per option₹ 326
- Discount to market price25% discount
- Face value per equity share₹10 each
- Exercise period from vesting1 (One) Year
- First anniversary vesting20%
- Fourth anniversary vesting34%
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