Gujarat Gas grants 95000 stock options

Gujarat Gas Company Ltd has announced that the Compensation Committee at its meeting held on March 04, 2010 has granted w.e.f. March 04, 2010, 95000 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 ("the ESOP 2008").

The applicable Exercise Price is Rs. 219.00 per equivalent equity share, being calculated at the discount of 10% of the closing price of Rs. 242.95 on National Stock Exchange Ltd, which had the largest trading volume on March 03, 2010.

It may he noted that the equity shares of the Company to be allocated to the grantees of options under the 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 principle" approval of the Stock Exchanges for the listing of the new equity shares is contemplated by the Company.

The stock was trading at Rs.252, up by Rs.2.40 or 0.96%. The stock hit an intraday high of Rs.256 and low of Rs.251.25.

The total traded quantity was 18212 compared to 2 week average of 18237.

Source : Equity Bulls

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