MIRC Electronics Limited has informed the Exchange regarding Outcome of Board Meeting held on March 31, 2026.
MIRCELECTR · price
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MIRC Electronics (the Onida brand) held a board meeting on March 31, 2026, with four key approvals. First, the board granted 2.95 crore stock options to CEO Mr. Gunjan Srivastava under the ESOP 2023 plan, subject to shareholder approval. Of these, 90 lakh are time-based at an exercise price of Rs. 11.40, vesting equally over 5 years from March 2027 to March 2031, while 2.05 crore are performance-based at Rs. 16.81, linked to cumulative operating EBITDA targets of Rs. 100 crore by FY30 and Rs. 400 crore by FY32. Second, 4.58 lakh ESOPs vested for eligible employees (out of 38 lakh granted in April 2024) at an exercise price of Rs. 14.10. Third, the board proposed a change in the company's name, pending approval from the Central Registration Centre (MCA) and shareholders. Finally, an Extra-Ordinary General Meeting was scheduled for April 29, 2026.
The 2.95 crore stock option grant to the CEO represents significant potential equity dilution for existing shareholders, but the bulk is tied to aggressive cumulative EBITDA targets (Rs. 400 crore by FY32), aligning management incentives with profitability growth. The proposed name change and upcoming EGM suggest a possible rebranding exercise, which could affect brand identity but has no immediate financial impact.