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HDFC allots 10,000 equity shares under ESOS
March 28, 2023
Mortgage lender HDFC Ltd on Monday said its board has allotted 10,000 equity shares of ₹2 each to the eligible employees of the company under the Employee Stock Option Schemes 2020.
“We wish to inform you that Nomination and Remuneration Committee of Directors of the Corporation at its meeting held today i.e. on March 27, 2023 has approved a grant of 10,000 stock options representing 10,000 equity shares of ₹2 each of the Corporation in aggregate, to an eligible employee of the Corporation, under ESOS – 2020,” HDFC said in a BSE filing.
“Each option upon exercise would be entitled for allotment of one equity share of ₹2 each of the Corporation at an exercise price of ₹2,559.90 per equity share,” the company said.
The company said that the stock options have been granted at the market price as defined in SEBI (Share Based Employees Benefits and Sweat Equity) Regulations, 2021.
Accordingly, the options have been granted at ₹2,559.90 per option, being the latest available closing price of the shares of the Corporation on National Stock Exchange on 24 March, 2023 being the trading day immediately prior to the date of the above mentioned meeting.
“Subject to fulfilling the conditions specified in ESOS-2020, 50 per cent of the options granted shall vest upon completion of 3 years of continuous service with the Corporation and the remaining 50 per cent shall vest on completion of 1 year thereafter,” it said.
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