Tube Investments - Grant of Stock Options
Tube Investments of India Ltd has informed BSE that, pursuant to the approval accorded by the shareholders at their Annual General Meeting held on July 31, 2007, the Compensation and Nomination Committee of the Company, on March 24, 2008, has approved the grant of 26,55,260 options (each option, when exercised, would result in one equity share of Rs 2 each) to the employees of the Company on the following terms:
1. Exercise Price : Rs 56.80, being the latest available closing price of the equity shares of the Company i.e. March 19, 2008 on National Stock Exchange of India Ltd, being the exchange which recorded the highest trading.
2. Vesting Period :
(i) Vest 1
- Vesting % : 25.0%
- Vesting Date : October 31, 2009
(ii) Vest 2
- Vesting % : 37.5%
- Vesting Date : October 31, 2010
(iii) Vest 3
- Vesting % : 37.5%
- Vesting Date : October 31, 2011
The options would vest only on a continued association with the Company and on the employee achieving the performance rating parameters.
3. Exercise Period : Options can be exercised at anytime within a period of 3 years from the date of vesting.
Tags: Tube Investments