Ajax Engineering Limited has informed the Exchange regarding Notice of Postal Ballot
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Ajax Engineering Limited has issued a Postal Ballot notice seeking shareholder approval to ratify its Employee Stock Option Plan 2024 (ESOP 2024), which includes two sub-schemes: Scheme I for general eligible employees and Scheme II for the CEO and other senior management personnel. The ESOP was originally approved by shareholders on September 24, 2024 before the company's listing, and SEBI rules now require post-listing ratification by shareholders for any fresh grants under the plan. The total number of options that may be granted under ESOP 2024 is capped at 57,20,340 equity shares (43,47,458 under Scheme I and 13,72,882 under Scheme II), with exercise prices of Re. 1 under Scheme I and Rs. 262 under Scheme II. Before the IPO listing, the company had already granted 2,05,077 options under Scheme I and 11,62,132 under Scheme II, which remain unvested. The remote e-voting window runs from June 12, 2025 to July 11, 2025, with results expected on or before July 14, 2025.
If approved, the ratification allows the company to continue issuing stock options to employees, which could lead to dilution of existing shareholders when options are exercised (up to 57.2 lakh shares, or roughly a notable chunk of equity). For investors, this is a routine post-listing compliance step but signals management's intent to use equity-based incentives to retain and motivate staff.