NRC Approves Exercise of 1,725 ESOP Options by 1 Employee
The Nomination & Remuneration Committee approved exercise of 1,725 options by 1 eligible employee under ESOP I - 2023.
By ScoutQuest · · 1 min read
- Options Exercised
- 1,725
- Number of Employees
- 1
- Money Realised
- ₹ 5,62,453
- Shares Arising
- 1,725 Shares
- Options Lapsed
- Nil
What happened
The Nomination and Remuneration Committee, at its meeting held on 24th September, 2026, considered and approved exercise requests received from eligible employees under Scheme I – SMEL Performance ESOP Scheme (ESOP I - 2023) and the consequent allotment of equity shares.
Key figures
- Options exercised: 1,725 by 1 eligible employee
- Shares arising: 1,725 Shares (1 option equals 1 share)
- Money realised: ₹ 5,62,453
- Options lapsed: Nil; no variation in terms
Background of the scheme
- 8,76,738 Options were granted to 63 eligible employees under the SMEL Employee Stock Incentive Plan - 2023, sub-plan ESOP I - 2023.
- Total shares covered: 8,76,738 equity shares of face value ₹10 each.
- Grant price: ₹ 326 for 62 employees and ₹ 331 for 1 employee, each at a 25% discount to the market price on the respective dates.
- Vesting: 20% on the first anniversary, 23% on the second, 23% on the third and 34% on the fourth anniversary of the grant date. Vested options may be exercised within a period of 1 Year from the start of the respective vesting period.
- Options vested with effect from 25th and 27th September, 2025.
- Shares allotted on exercise are not subject to lock-in.
- The scheme is administered via an ESOP Trust authorised to purchase shares from the secondary market to facilitate exercises.
How to read it
This is a routine employee stock option exercise of a very small quantity relative to the total options granted. Since the trust may source shares from the secondary market, the dilution impact noted in the disclosure for diluted earnings per share is stated as not applicable.
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More numbers
- Options exercised1,725 Options
- Employees exercising1 Eligible Employee
- Money realised on exercise₹ 5,62,453
- Shares arising1,725 Shares
- Total options granted8,76,738 Options
- Employees granted options63 Eligible Employee
- Grant price (62 employees)₹ 326
- Grant price (1 employee)₹ 331
- Discount to market price25%
- Face value per share₹10 each
- Vesting on fourth anniversary34%
- Exercise window from vesting1 Year
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