Hind Rectifiers Limited has informed the Exchange regarding 'Intimation of allotment of 4625 equity shares pursuant to exercise of stock options by the options grantees under the Company''s Stock Option Plan.'.
HIRECT · price
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Hind Rectifiers has allotted 4,625 equity shares of Rs. 2 face value to employees who exercised their vested stock options under the company's ESOP 2018 scheme. The exercise price was Rs. 42.50 per share (a premium of Rs. 40.50 over face value). After this allotment, the company's paid-up equity share capital has risen marginally from Rs. 6,87,35,228 (3,43,67,614 shares) to Rs. 6,87,44,478 (3,43,72,239 shares). The newly issued shares rank equally with existing shares and carry no lock-in restrictions.
This is a very small, routine ESOP allotment with negligible dilution (about 0.001% increase in share count). No material impact on shareholders or stock price is expected. Employee stock options being exercised is generally a mildly positive signal as it indicates employees are keen to participate in the company's equity at the prevailing exercise price.