Idea Cellular Ltd Grants Stock Options and Restricted Stock Units under Employee Stock Option Scheme - 2013

The Nomination and Remuneration Committee of the Board of Directors of Idea Cellular Ltd has at its meeting held on January 21, 2016, approved the grant of 10,48,615 Stock Options ("Options") to the eligible Employees of the Company, under the "Employee Stock Option Scheme-2013" (ESOS-2013), at an exercise price of Rs. 117.55 per Option (being the closing price at NSE on 20.01.2016 i.e. immediately preceding the grant date), each Option being convertible into one Equity Share of the Company upon vesting and the grant of 4,76,851 Restricted Stock Units ("RSU") to the Eligible Employees of the Company, under the "Employee Stock Option Scheme-2013" (ESOS-2013), at an exercise price of Rs. 10/- per RSU, each RSU being convertible into one Equity Share of the Company upon vesting.

Subject to the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 and the terms of the ESOS-2013, the Options shall vest in 4 equal annual installments commencing from end of first year from the date of grant, subject to fulfilment of certain performance based conditions, and all RSUs shall vest after end of third year from the date of the grant, both of which shall be exercisable within a period of 5 years from the date of vesting.

Shares of IDEA CELLULAR LTD. was last trading in BSE at Rs.106.85 as compared to the previous close of Rs. 113.9. The total number of shares traded during the day was 2705140 in over 12349 trades.

The stock hit an intraday high of Rs. 115 and intraday low of 105.6. The net turnover during the day was Rs. 290816019.

Source : Equity Bulls

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