Aditya Birla Nuvo reprices stock options

Aditya Birla Nuvo Ltd has announced that the ESOS Compensation Committee of the Board of Directors of the Company on August 20, 2010 has approved the re-pricing of the existing outstanding Stock Options viz. 1,13,544 and 63,027 granted under Tranche I on August 23, 2007 and Tranche II on January 25, 2008 respectively at an exercise price of Rs. 687/- per option, without any change in the vesting schedule and other terms and conditions governing the said Stock options.

The Board approved grant of 17,174 Stock Options (Tranche III) to the eligible employees of the Company under ESOS-2006, each option being convertible into one equity share of the Company upon vesting, at an exercise price of Rs. 687/- per option.

The same is subject to the Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and the terms of the ESOS -2006 and the options will vest in 4 equal annual installments after one year of the grant and shall be exercisable within a period of 5 years from the date of vesting.

The stock closed the day at Rs.798.05, down by Rs.18.55 or 2.27%. The stock hit an intraday high of Rs.819.85 and low of Rs.793.

The total traded quantity was 34229 compared to 2 week average of 31776.

Source : Equity Bulls

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