Mumbai, May 6 (UNI) Godrej Consumer Products Limited has informed BSE that the Compensation Committee of the Board of Directors of the Company vide resolution dated May 5, has approved the granting of 1,50,000 options to its eligible employees, in terms of Godrej Consumer Products Limited Employee Stock Option Plan (ESOP).
The aforesaid options are granted out of shares, purchased from the secondary market, by an independent trust funded by the Company in terms of the special resolution passed by the shareholders on March 14, 2007. The Options shall vest in the Option Grantees on May 4, 2011.
Thereafter, the Option Grantees shall be entitled to exercise the options within a period of two years for converting the options granted into equity shares. The Exercise Price, the price payable by the Option Grantee for exercising the options granted to him will be Rs 132.95 (closing price of the equity share on NSE on May 02 + interest not being less than the bank rate prevailing at the time of exercising the Options). Currently the interest chargeable is 10.25 per cent per annum 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 exercised period.
UNI AR SR SKB1846