Postal Ballot Notice - Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations )
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Leela Palaces Hotels & Resorts has issued a Postal Ballot Notice asking shareholders to approve two special resolutions related to its Employee Stock Option Scheme 2024. The first resolution seeks ratification of the ESOP scheme for company employees, while the second extends it to employees of subsidiary, holding, and associate companies. The total ESOP pool is fixed at 66,79,158 stock options, equivalent to 2% of the company's paid-up equity share capital of 33,39,57,878 shares of Rs. 10 face value. The ESOP scheme was originally approved by the Board and members in September 2024, before the company's listing, and now requires post-listing shareholder ratification under SEBI rules. E-voting will be conducted through NSDL from March 18, 2026 to April 16, 2026, with the cut-off date for eligible members being March 13, 2026.
This is essentially a regulatory formality to ratify a pre-existing ESOP scheme that was created before listing. The maximum potential dilution is capped at 2% of share capital, which is modest. Approval is expected to be routine, but shareholders should note the slight future dilution risk when ESOPs are exercised.