Balrampur Chini re-prices ESOPs

Balrampur Chini Mills Ltd has announced that pursuant to approval of the shareholders at their Extra-ordinary General Meeting held on May 25, 2009, the exercise price of the options granted in the year 2005, 2006, 2007 & 2008, which have not been exercised, has been re-priced by the Remuneration Committee in its meeting held on May 28, 2009 at Rs 45 per option, being 20% discount to the average daily closing market price of the Company's share, on the stock exchange it is traded most, during the preceding 26 weeks prior to the date of meeting held for re-pricing.

Further the Company has informed that, 14,64,500 stock options (including grant of 2,45,500 options out of the options which have been lapsed) at a price of Rs 45 per option has been granted on May 28, 2009 for the year 2009 to the eligible employees of the Company in accordance with the BCML Employee Stock Option Scheme, 2005.

The stock was trading at Rs.86.05, up by Rs.0.80 or 0.94%. The stock hit an intraday high of Rs.87.50 and low of Rs.85.

The total traded quantity was 378018 compared to 2 week average of 1346009.

Source : Equity Bulls

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