Mahindra Holidays & Resorts India Limited has informed the Exchange that based on the recommendation of the Remuneration Committee at its meeting held on July 25, 2011, the Board of Directors of the Company approved the allotment of 3,10,000 equity shares of Rs. 10 each at a price of Rs. 370/- to the Mahindra Holidays & Resorts India Limited Stock Option Trust ("Trust") as per the Mahindra Holidays & Resorts India Limited Employees' Stock Option Scheme 2006 ("ESOP Scheme 2006") at their meeting held on July 25, 2011. Further after considering the lapsed options, the Remuneration Committee approving the grant of 4,00,000 options to Mr. Rajiv Sawhney, Managing Director & CEO at a price of Rs. 370/- per equity share. This is in line with the approval of the Members at the Annual General Meeting held on May 17, 2006 and subsequent amendment of the ESOP Scheme 2006 ratified through postal ballot on December 23, 2009.