Gujarat Gas to grant 159500 stock options

Gujarat Gas Company Ltd has announced that pursuant to the authorization of the Compensation Committee at its meeting held on April 29, 2009, the Company has offered to grant 159,500 stock options to the employees of its group, which gives entitlement in future to equivalent number of existing equity shares of the Company in accordance with the Gujarat Gas Company Ltd Employee Stock Option Plan 2008 (ESOP 2008).

The applicable Exercise Price is Rs 230.00 per equivalent equity share (the Exercise Price being Rs 230.00 per equivalent equity share, is calculated at the discount of 10% of the closing price on BSE which had the larger trading volume on April 29, 2009).

Further the Company has noted that, the equity shares of the Company to be allocated to the grantees of options under ESOP 2008, will be purchased on behalf of the grantees by the designated Trustees from the secondary / open market at the ruling market price. Therefore no fresh issue of equity shares is involved under the ESOP 2008 and no in principal approval of the Stock Exchanges for the listing of the new equity shares is contemplated by the Company.

The stock closed the day at Rs.279.45, down by Rs.1 or 0.36%. The stock hit an intraday high of Rs.288 and low of Rs.278.30.

The total traded quantity was 8911 compared to 2 week average of 16011.

Source : Equity Bulls

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