Third-Year Vesting of 61,810 Employee Stock Options Under ESIP-2023
On completion of 3 years from the 27 September 2023 grant, options have vested under ESIP-2023.
By ScoutQuest · · 1 min read
- Performance ESOP vested options
- 3910 options vested (23% tranche), exercise price ₹ 331
- Loyalty ESOP vested options
- 57,900 options vested (30% tranche), exercise price ₹ 221
- Total options vested
- 61,810 options
- Vesting effective date
- 27 September 2026
- Share sourcing
- Shares sourced by ESOP Trust from secondary market, no fresh issue
What was intimated
The company informed the exchanges that the third-year tranche of stock options granted on 27 September 2023 under the SMEL Employee Stock Incentive Plan – 2023 has vested with effect from 27 September 2026.
The two sub-plans
- Performance ESOP Scheme (ESOP-2023): 17,000 options granted to 1 eligible employee, exercise price ₹ 331, set at a 25% discount to the market price on 27 September 2023.
- Loyalty ESOP Scheme (ESOP II-2023): 2,16,000 options granted to 5 eligible employees, exercise price ₹ 221, set at a 50% discount to the market price on 27 September 2023.
Vested now
- Performance scheme: 3910 options vested, being the third-anniversary tranche of 23%.
- Loyalty scheme: 57,900 options vested, being the third-anniversary tranche of 30%.
Exercise window
- Performance scheme options may be exercised within a maximum of 1 (One) Year from vesting.
- Loyalty scheme options may be exercised within 6 months from vesting.
Why dilution is limited
Both schemes are administered through an ESOP Trust that is authorised to purchase shares from the secondary market to facilitate exercises. Each vested option entitles the holder to an equal number of equity shares of face value ₹10 on payment of the exercise price and applicable taxes. Shares received on exercise are not subject to lock-in.
As of this intimation, no options have been exercised and no money has been realised from exercise.
How to read it
This is a routine, scheduled step in an employee incentive plan already approved under the SEBI share-based employee benefits framework. The number of options involved is small relative to a company's equity base, and shares are sourced from the market rather than freshly issued.
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More numbers
- Performance ESOP options granted17,000 Options
- Performance ESOP eligible employees1 Eligible Employees
- Loyalty ESOP options granted2,16,000 Options
- Loyalty ESOP eligible employees5 Eligible Employees
- Performance ESOP exercise price₹ 331
- Discount to market price (Performance)25% discount
- Loyalty ESOP exercise price₹ 221
- Discount to market price (Loyalty)50% discount
- Options vested - Performance scheme3910 Options Vested
- Options vested - Loyalty scheme57,900 Options Vested
- Face value per share₹10 each
- Exercise window - Loyalty scheme6 months
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