Packaged food maker Britannia Industries today said the board has approved the grant of 15,000 options to Vinita Bali, Managing Director, under the Employee Stock Option Scheme (ESOS) of the company.
Each option granted would entitle the employee upon exercise of the options, to receive one share of the company, Britannia Industries said in a filing to the Bombay Stock Exchange.
A minimum period of one year from the date of grant accordingly the options would vest on May 26, 2010, at an exercise price of Rs 1,698.15 a piece (market
price as at the close of May 26, 2009).
The exercise period is to commence from the date of vesting and to expire not later than three years from the date of vesting.