Kolte-Patil gains 2% as remuneration committee grants over 1.89 lakh stock options to Group's CEO

The company's nomination and remuneration committee (NRC) approved and granted 189,500 stock options to the Group's CEO Gopal Sarda.

Sep 02, 2020 02:09 IST India Infoline News Service

Nearly 2% rise was seen in Kolte-Patil Developers on Wednesday. The company has touched an intraday high of Rs175 per piece on Sensex before correcting. Performance comes after when the company's nomination and remuneration committee (NRC) approved and granted 189,500 stock options to the Group's CEO Gopal Sarda.

In its regulatory filing, Kotle-Patil said, the NRC has approved and granted 189,500 Stock options at an exercise price at par (face value Rs10) to Gopal Sarda, with performance/milestone conditions as set by the NRC for the vesting the stock options, in terms of Employee stock option Scheme 2O14 of the Company.

In August 2018, the NRC had granted Sarda 379,000 stock options as per the ESOP scheme. Out of the total, 189,500 were vested for which he exercised the option at the exercise price of Rs145 per share and NRC in their meeting held on 01 September 2020 has allotted 189,500 equity Shares of face value Rs10 each, with Exercise Price of Rs145 per options.

Kolte-Patil said the balance unvested stock options have been surrendered by Sarda.

At around 2.26 pm, the company's stock has corrected and was performing at Rs173 per piece up 0.49%.

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