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Godrej Agrovet board nods 756 stock options under ESGS; Stock surges over 4%

Vijay Mohan Crishna will step down from the position of Non-Executive Director of the Company.

November 08, 2021 12:19 IST | India Infoline News Service
Godrej Agrovet Limited stock rally during early trade on Monday after it has informed that the Board of Directors of the Company, at its Meeting held today, i.e., on Monday, November 8, 2021, has approved the major matters.

The Committee has approved grant of 756 stock options to an eligible employee of the Company, under Godrej Agrovet Limited - Employees Stock Grant Scheme, 2018 (“ESGS 2018”), subject to the provisions of the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, at an exercise price of Rs.10/- (Rupees Ten Only) per option.

Each stock option entitles the holder to apply for 1 (One) Equity Share of the Company of Face Value of Rs.10/- (Rupees Ten Only) each.

Further, the options shall vest over a period of 3 (Three) years and are exercisable within 1 (One) month from the date of vesting or such other period as may be determined by the Nomination and Remuneration Committee.

The options granted are governed as per ESGS 2018, which is submitted to the Stock Exchanges at the time of obtaining in-principle approval.

Also, the Committee has noted that, Vijay Mohan Crishna will step down from the position of Non-Executive Director of the Company with effect from the closure of business hours on November 8, 2021. The Committee has placed on record, sincere appreciation for his contribution and guidance during his long tenure as a Non-Executive Director of the Company since August 24, 1992.

At around 12:20 PM, Godrej Agrovet was trading at Rs622.50 apiece up by Rs25.6 or 4.29% on Sensex.

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