Bajaj Electricals cancels 555000 options

Bajaj Electricals Ltd has announced that the Remuneration and Compensation Committee of the Directors, considering the existing market conditions and pursuant to the powers vested in it, at its meeting held on April 30, 2009, has cancelled 5,55,000 outstanding Options granted to the Eligible Employees at various prices under Growth Plan of "Bajaj Electricals Limited Employee Stock Option Scheme - 2007" and re-granted 4,66,385 Stock Options under Growth Plan to the Eligible Employees, at an exercise price of Rs 215.55, being the latest available closing market price on the National Stock Exchange of India Ltd, as on April 29, 2009 as defined in SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999. The Stock Options so granted, shall vest in the eligible employees in three tranches beginning from May 01, 2010, the first vesting date. The Options granted under each of the slabs, can be exercised by the grantees within a period of three years from the relevant vesting date.

The other terms and conditions of the Scheme remain unchanged.

The stock closed the day at Rs.222, down by Rs.0.55 or 0.25%. The stock hit an intraday high of Rs.227 and low of Rs.220.10.

The total traded quantity was 1109 compared to 2 week average of 4781.

Source : Equity Bulls

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