Aavas Financiers has announced the allotment of 4,448 equity shares and the grant of 23,637 stock options under its Performance Stock Option Plan-2023.
The Nomination and Remuneration Committee of the Board of Directors approved the allotment of 4,448 equity shares of ₹10 each, pursuant to the exercise of employee stock options. This allotment is under various schemes of the company, including the Equity Stock Option Plan 2016-I, Equity Stock Option Plan 2019, and Performance Stock Option Plan 2023.
Following the allotment, the paid-up share capital of the company has increased from ₹79,15,69,050, consisting of 7,91,56,905 equity shares, to ₹79,16,13,530, consisting of 7,91,61,353 equity shares, each with a face value of ₹10.
Additionally, the committee approved the grant of 23,637 stock options under the Performance Stock Option Plan-2023 (“PSOP 2023”).
| Particulars | Number of Equity Shares |
|---|---|
| Equity Stock Option Plan 2016-I | 1461 |
| Equity Stock Option Plan 2019 | 2600 |
| Performance Stock Option Plan 2023 | 387 |
| Total | 4,448 |
| Year of Vesting | % of Vesting |
|---|---|
| 1st anniversary from the date of grant | 25% of options granted |
| 2nd anniversary from the date of Grant | 25% of options granted |
| 3rd anniversary from the date of Grant | 25% of options granted |
| 4th anniversary from the date of Grant | 25% of options granted |
The allotted shares will rank pari passu with the existing equity shares of the company, and the company is in the process of completing the necessary formalities for listing the allotted shares.
The stock options may be exercised within a period of four years from the date of each vesting of stock options. As of the date of granting the options, no options have been exercised, and no money has been realized from the exercise of options. Consequently, the total number of shares arising from the exercise of options is nil, and no options have lapsed.
There have been no variations in the terms of options. The details of significant terms are as defined in PSOP 2023. There have been no subsequent changes or cancellations of the exercise of such options, and the diluted earnings per share pursuant to the issue of equity shares on the exercise of options is not applicable.
The details pursuant to SEBI Circular no. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024 is enclosed herewith as Annexure-1.
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