Minda Corporation approves grant of 3 lakh stock options to employees

Under the programme, each stock option is convertible into 1 equity share having a face value of Rs2 each. Also, Rs50 per option is levied upon exercise of the stock option.

Oct 14, 2020 05:10 IST India Infoline News Service

Minda Corporation on Wednesday announced that the Nomination and Remuneration Committee has approved the grant of 3,00,000 Stock Options to the employee.

Under the programme, each stock option is convertible into 1 equity share having a face value of Rs2 each. Also, Rs50 per option is levied upon exercise of the stock option.

The company's 3,00,000 stock options under “Minda Corporation Employee Stock Option Scheme 2017” will vest as under:
  • 1,00,000 options from October 13, 2021 to October 12, 2025
  • 2,00,000 options from January 04, 2022 to December 31, 2026
Minda said that the option can be exercised within one year from the date of vesting.

On Sensex, Minda stock ended at Rs68.55, down by Rs0.45 or 0.65% from its previous closing of Rs69 on the BSE.

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