Grant of Stock Options under "MIRC Electronics Employee Stock Option Plan 2023"
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Mirc Electronics' Compensation Committee has approved the grant of 16,00,000 stock options to eligible employees under the company's ESOP 2023. Each option, upon exercise, will entitle the holder to one equity share of Rs. 1/- face value. The exercise price is set at a 30% discount to the closing share price of April 16, 2026, with a floor price of Rs. 16.81 per share. Options will vest based on achievement of performance milestones over a minimum 1-year period, and can be exercised within 2 years from the vesting date. The scheme complies with SEBI (SBEB) Regulations, 2014.
The stock option grant aligns employee interests with company performance through vesting conditions tied to milestones. While this creates potential share dilution of approximately 0.9% upon full exercise, it has no immediate impact on shareholders and is a routine governance matter.