Godrej Industries Limited Registered Office: Godrej One, Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai 400 07G, Maharashtra Tel: 022-2518 8010; Fax: 022-2518 8066; Email: investor@godrejinds.com; Website: https://www.godrejindustries.com As per SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 read with SEBI circular no. CIR/CFD/POLICY CELL/2/2015 dated June 16, 2015, following information is disclosed for Financial Year 2024-25 in respect of Godrej Industries Limited - Employee Stock Grant Scheme, 2011 (ESGS 2011): | |||
Sr. No. | Particulars | Godrej Industries Limited Employee Stock Grant Scheme 2011 | |
I. | General terms and conditions | ||
1 | Date of Shareholder's Approval for the options granted under the scheme | January 17, 2011 | |
2 | Total number of options approved under the scheme | 25,00,000 | |
3 | Vesting requirements | As specified by the Nomination and Remuneration Committee subject to minimum 1 year from the date of grant | |
4 | Exercise price or pricing formula | Re.1/- per Equity Share | |
5 | Maximum term of options granted | As may be decided by the Nomination and Remuneration Committee as per the prevalent regulatory provisions | |
6 | Source of Shares (primary, secondary or combination) | Primary | |
7 | Variation in terms of options | None | |
II. | Method used to account for the scheme - Intrinsic or fair value | Fair Value | |
III. | Where the company opts for expensing of the options using the intrinsic value of the options, the difference between the employee compensation cost so computed and the employee compensation cost that shall have been recognized if it had used the fair value of the options shall be disclosed. The impact of this difference on profits and on EPS of the company. | Not Applicable. The Company is accounting using fair value of options | |
IV. | Option movement during the year: | ||
1 | Number of options outstanding at the beginning of the period | 1,27,311 | |
2 | Number of options granted during the year | 47,034 | |
3 | Number of options lapsed during the year | 2,780 | |
4 | Number of options forfeited during the year | - | |
5 | Number of options vested during the year | 61,348 | |
6 | Number of options exercised during the year | 61,348 | |
7 | Number of shares arising as a result of exercise of options | 61,348 | |
8 | Money realized by exercise of options (INR), if scheme is implemented directly by the company | 61,348 | |
9 | Loan repaid by the Trust during the year from exercise price received | Not Applicable | |
10 | Number of options outstanding at the end of the year | 1,10,217 | |
11 | Number of options exercisable at the end of the year | - | |
V. | |||
a. | Weighted average exercise price of Options granted during the year whose: | ||
Exercise price equals market price | Not Applicable | ||
Exercise price is greater than market price | Not Applicable | ||
Exercise price is less than market price | Re.1/- per Equity Share | ||
b. | Weighted average fair value of Options granted during the year whose: | ||
Exercise price equals market price | Not Applicable | ||
Exercise price is greater than market price | Not Applicable | ||
Exercise price is less than market price | Re.1/- per Equity Share | ||
VI. | Employee-wise details of options granted during the Financial Year 2021-22 to: | ||
a | Senior managerial personnel: | Refer Annexure 1 | |
b | Any other employee who receives a grant in any one year of option amounting to 5% or more of option granted during that year: | Refer Annexure 1 | |
c | Identified employees who were granted option, during any one year, equal to or exceeding 1% of the issued capital (excluding outstanding warrants and conversions) of the company at the time of grant: | Refer Annexure 1 | |
VII. | Diluted Earnings Per Share (EPS) pursuant to issue of shares on exercise of options calculated in accordance with Accounting Standard (AS) 20. | 5.63 | |
VIII. | A description of method and significant assumptions used during the year to estimate the fair values of options, including the following information: | The fair value of the options has been measured using the Black- Scholes Option Pricing Model and charged to the Statement of Profit and Loss. The value of the options is treated as a part of employee compensation in the financial statements and is amortised over the vesting period. | |
a. | 1) The weighted average values of share price (Rs.) | 608.31 | |
2) Exercise price (Rs.) | Re.1/- per Equity Share | ||
3) Expected Volatility (%) | 10%-13% | ||
4) Expected option life (in years) | 1-3 years | ||
5) Expected dividends (%) | 0% | ||
6) Risk-free interest rate (%) | 7.05% to 7.08% | ||
7) Any other inputs to the model | - | ||
b. | The method used and the assumptions made to incorporate the effects of expected early exercise; | Not Applicable | |
Godrej Industries Limited Registered Office: Godrej One, Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai 400 07G, Maharashtra Tel: 022-2518 8010; Fax: 022-2518 8066; Email: investor@godrejinds.com; Website: https://www.godrejindustries.com As per SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 read with SEBI circular no. CIR/CFD/POLICY CELL/2/2015 dated June 16, 2015, following information is disclosed for Financial Year 2024-25 in respect of Godrej Industries Limited - Employee Stock Grant Scheme, 2011 (ESGS 2011): | |||
Sr. No. | Particulars | Godrej Industries Limited Employee Stock Grant Scheme 2011 | |
c. | How expected volatility was determined, including an explanation of the extent to which expected volatility was based on historical volatility; and | Expected volatility of the option is based on historical volatility, during a period equivalent to the option life, of the observed market prices of the Company's publicly traded equity shares. | |
d. | Whether and how any other features of the option grant were incorporated into the measurement of fair value, such as a market condition. | No other features of the option which will impact fair valuation | |
Godrej Industries Limited Registered Office: Godrej One, Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai 400 07G, Maharashtra Tel: 022-2518 8010; Fax: 022-2518 8066; Email: investor@godrejinds.com; Website: https://www.godrejindustries.com Annexure 1 a) Options granted to Senior managerial personnel: | |||||
Sr. No. | Name of the Employee | Designation | Number of Options granted during the year | Exercise Price (in ₹) | |
1 | Vishal Sharma | Executive Director C Chief Executive Officer (Chemicals) | G,408 | G,408 | |
2 | Clement Pinto | Chief Financial Officer | 2,511 | 2,511 | |
TOTAL | 11,G1G | 11,G1G | |||
b) Any other employee who receives a grant in any one year of option amounting to 5% or more of option granted during that year: | |||||
Sr. No. | Name of the Employee | Designation | Number of Options granted during the year | Exercise Price (in Rs.) | |
1 | Nitin Nabar* | Executive Director C President (Chemicals) | 13,856 | 13,856 | |
2 | Sumit Mitra | Head - Group HR C Corporate Services | 7,309 | 7,309 | |
3 | Vishal Sharma | Executive Director C Chief Executive Officer (Chemicals) | 5,900 | 5,900 | |
4 | V. Swaminathan | Head - Corporate Audit C Assurance | 4,594 | 4,594 | |
5 | Sujit Patil | Head - Corporate Communication | 4,176 | 4,176 | |
6 | Divya Murthy | Head - Group Legal | 3,627 | 3,627 | |
7 | Clement Pinto | Chief Financial Officer | 3,495 | 3,495 | |
8 | Sandeep Gharat | Head - Marketing C Supply Chain | 2,970 | 2,970 | |
9 | Rakesh Swami | Group Head- Corporate Affairs | 2,888 | 2,888 | |
10 | Vishal Chandwani | Head - People Experience Centre | 2,782 | 2,782 | |
TOTAL | 12,135 | 12,135 | |||
*Ceased to be an employee with effect from close of business hours on April 30, 2024 and consequently ceassed to be a Director. c) Identified employees who were granted option, during any one year, equal to or exceeding 1% of the issued capital (excluding outstanding warrants and conversions) of the company at the time of grant: | |||||
Sr. No. | Name of the Employee | Designation | Number of Options granted during the year | Exercise Price | |
NIL | |||||