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Saregama India

30th-Jun-2020 16:24Source: BSE

Saregama India - Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

In continuation to the shareholders' approval at the AGM held on July 19, 2019 vide resolution nos. 7 to 9, the Nomination and Remuneration Committee (NRC) of Board of Directors at their meeting held on June 30, 2020 have approved the cancellation of 1,00,000 SARs previously granted to eligible employees, under the Stock Appreciation Rights Scheme 2018 of the Company.

The NRC at the said meeting approved the grant of 1,00,000 options to the eligible employees under the ESOP 2013 scheme. The vesting and exercise of the options granted will take place as per such terms and conditions approved by the NRC and the aforementioned scheme. Further, the shares for which the options are granted has been purchased by Saregama Welfare Trust (Trust solely formed for the purpose) from the secondary market and shall be transferred to the employees upon exercise of such options, subject to the compliance with the Saregama Employee Stock Option Scheme 2013 and SEBI (SBEB) Regulations, 2014.