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Celebrity Fashions grants stock options to employees

27 Jul '07

2 min read

Celebrity Fashions Ltd has informed that the Board of Directors of the Company at its meeting held on July 27, 2007, has approved the grant of Stock options to the eligible employees of the Company.

The stock options are convertible into equivalent equity shares of Rs 10/- each at the time of exercise of the options. The details of the stock options granted and their exercise price, vesting period and exercise period are as follows:
Grant under Employees Stock Option Plan 2007:
a) No. of Stock options:
1,50,000 Employees Stock Options had been granted to the eligible employees of the Company.

b) Exercise Price:
The Exercise price of the stock options granted is Rs 75/- per option. The exercise price is determined in accordance with the provisions of SEBI (Employees Stock option Scheme and Employees Stock Purchase Scheme) Guidelines, 1999.

c) Vesting Period:
The options granted would vest over a period of four years. The options shall vest by 25% each year on graded vesting proportion.

d) Exercise Period:
The Employee has a period of 3 years to exercise the options covered at the end of each vesting period.

Grant under Employees Stock Option Plan (2) 2007:
a) No. of Stock options:
1,80,000 Employees Stock Options had been granted to the eligible employees of the Company.

b) Exercise Price:
The Exercise price of the stock options granted is Rs 80/- per option, being the higher of the price of the average of weekly high and low of the closing prices of the shares quoted on the stock exchange during the six months preceding the date of grant or the average of weekly high and low closing prices of the shares quoted on the stock exchange during the two weeks preceding the date of grant.

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