Tilaknagar Industries allots over 9 lakh shares to employees under ESOP schemes

The Board of Directors of leading alcoholic beverage manufacturer, Tilaknagar Industries Limited (TI) approved an allotment of 9,39,254 equity shares having face value of Rs. 10/- each to eligible employees under the company's employees' stock ownership plan (ESOP) schemes.

After the aforesaid allotment, the paid-up capital of the company stands at Rs. 1,40,27,76,090 divided into 14, 02, 77,609 equity shares of face value Rs.10/- each. This has increased from 13, 93, 38,355 equity shares of face value Rs.10/- each, aggregating to Rs. 1,39,33,83,550. The employees have benefited under the company's ESOP schemes 2010 and 2012 and can exercise their stock options within two years from the respective vesting dates. Prior to this allotment, the most recent grants under these schemes were given to the company's employees on May 27, 2021 at minimum exercise price of Rs 32 per share.

"The unique feature of the company's ESOP schemes is that the grants encompass all levels of employees across the organization, from CXO-level functionaries to shop floor workers. This initiative, therefore, aims to motivate, retain and reward employees who have contributed significantly to the growth and profitability of the organisation", said Mr Amit Dahanukar, Chairman and Managing Director, TI.

The equity shares so allotted shall rank pari-passu in all aspects with the existing equity shares of the company and be listed on the National Stock Exchange of India Limited and BSE Limited.

Led by strategic debt-restructuring, Tilaknagar Industries, the maker of the famous Mansion House Brandy, has witnessed a complete financial turnaround since March 2020. Steep decline in finance costs and better operational performance has had a huge positive impact on the company's financial performance in the previous financial year.

Shares of TILAKNAGAR INDUSTRIES LTD. was last trading in BSE at Rs. 40.3 as compared to the previous close of Rs. 41. The total number of shares traded during the day was 16982 in over 125 trades.

The stock hit an intraday high of Rs. 41.75 and intraday low of 39.6. The net turnover during the day was Rs. 683380.

Source : Equity Bulls

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