Under its current equity incentive program, Honasa Consumer Limited has authorized a new round of employee stock option grants. The company’s Nomination and Remuneration Committee (NRC) authorized the distribution of 53,322 stock options on June 18 through a circular resolution, per a regulatory filing submitted on Wednesday.
Under the Honasa Consumer Limited Employee Stock Option Plan – 2018 (ESOP-2018), each stock option has a face value of Rs 10 and can be converted into one equity share of the business. The options have been granted at par, as indicated by the exercise price, which has been set at Rs 10 per share.
According to the corporation, the ESOP grants comply with SEBI’s Share Based Employee Benefits (SBEB) requirements. 53,322 equity shares would be distributed to qualified workers as a result of the offering upon full vesting and exercise of these options.
The grant’s total estimated worth is Rs 1.6 crore, based on the stock’s current market price of Rs 304.90 on the National Stock Exchange. On Thursday, Honasa’s stock opened at Rs 308 per share.
Grants are assessed by the NRC, which oversees the ESOP program, according to a candidate’s function, performance indicators, and business goals. According to the terms of the plan, options can be exercised during employment or within ninety days after the last working day following resignation. They will vest according to a predetermined timeline. No options have vested, been exercised, or lapsed as of yet because this is a fresh grant.
This most recent action comes after the business offered 24.16 lakh stock options under the same plan in April of this year, which was a comparable stock incentive. Honasa had previously granted 45,663 stock options in January as a component of its larger equity-based reward system.
The donation coincides with recent changes in the firm’s leadership at its Gurugram headquarters. Yatish Bhargava was named chief business officer by Honasa earlier this week, months after Zairus Master left the position in February.
