Hindustan Construction to double ESOPs and halve exercise price

Hindustan Construction Company Ltd has announced that the ESOP Compensation Committee of the Company at its Meeting held on August 12, 2010 has decided to double the number of employee stock options (vested and unvested but not exercised and in-force as on the Record Date i.e. August 11, 2010) and halve the exercise price on account of issuance and allotment of Bonus Equity Shares in the proportion of 1:1.

The 35,53,760 employee stock options in-force granted by the Company on April 25, 2008 have been doubled i.e. 71,07,520 and the exercise price in respect of the same has been halved i.e. it has been reduced from Rs. 104.05/- to Rs. 52.03/-.

The 1,93,750 employee stock options granted by the Company on October 23, 2008 have been doubled i.e. 3,87,500 and the exercise price in respect of the same has been halved i.e. it has been reduced from Rs. 43.40/- to Rs. 21.70/-.

The stock closed the day at Rs.70.60, down by Rs.0.55 or 0.77%. The stock hit an intraday high of Rs.70.95 and low of Rs.70.

The total traded quantity was 241253 compared to 2 week average of 1025937.

Source : Equity Bulls

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