Godrej Consumer - Grant of Options under ESOP
Godrej Consumer Products Ltd has informed BSE that the Compensation Committee of the Board of Directors of the Company vide resolution dated March 25, 2008, has approved the granting of 6,80,000 options to its eligible employees in terms of Godrej Consumer Products Ltd Employee Stock Option Plan (ESOP).
The aforesaid options are granted out of shares purchased from the secondary market by an independent trust funded by the Company in terms of the special resolution passed by the shareholders on March 14, 2007.
The Options shall vest in the Option Grantees on March 24, 2011. Thereafter, the Option Grantees shall be entitled to exercise the options within a period of 2 years for converting the options granted into equity shares. The Exercise Price, i.e. the price payable by the Option Grantee for exercising the options granted to him will be Rs 129.95 (closing price of the equity share on NSE on March 24, 2008 + interest not being less than the bank rate prevailing at the time of exercising the Options. Currently the interest chargeable is 10.25% p.a., and the same is subject to review by the Compensation Committee from time to time. The Options shall lapse if not exercised within the specified exercised period.
Tags: Godrej Consumer