Godrej Consumer approves grant of 304000 options

Godrej Consumer Products Ltd has announced that the Compensation Committee of the Board of Directors of the Company has vide circular resolution dated June 18, 2009 approved the granting of 304,000 options to its eligible employees in terms of Godrej Consumer Products Ltd Employee Stock Option Plan.

The aforesaid options are granted out of shares acquired by means of subscription or secondary market purchase by an independent trust funded by the Company, in terms of the special resolutions passed by the shareholders on March 14, 2007 and April 24, 2008.

The Options shall vest in the Option Grantees on June 17, 2012. Thereafter, the Option Grantees shall be entitled to exercise the options within a period of 2 years for converting the options granted into equity shares. The Exercise Price, i.e. the price payable by the Option Grantee for exercising the options granted to him will be Rs 165.00 (closing price of the equity share on NSE on June 17, 2009 + interest not being less than the bank rate prevailing at the time of exercising the Options. Currently the interest chargeable is 10.00% p.a. and the same is subject to review by the Compensation Committee from time to time. The Options shall lapse if not exercised within the specified exercise period.

The stock closed the day at Rs.167.80, up by Rs.1.65 or 0.99%. The stock hit an intraday high of Rs.170.50 and low of Rs.159.60.

The total traded quantity was 10191 compared to 2 week average of 22885.

Source : Equity Bulls

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