Piramal Enterprises Limited has informed the Exchange regarding allotment of 12,00,000 equity shares pursuant to Piramal Enterprises Limited - Employee Stock Ownership Plan - 2015
Awaiting price reaction for this filing.
Piramal Enterprises has allotted 12 lakh equity shares to its ESOP Trust (Piramal Phytocare Limited Senior Employees Option Trust) under the Employee Stock Ownership Plan 2015. The shares have a face value of Rs. 2 each and were allotted at an exercise price of Rs. 2 (at par). Following this allotment, the company's paid-up share capital increased from Rs. 45.10 crore (22.55 crore shares) to Rs. 45.34 crore (22.67 crore shares). The newly issued shares will rank equally with existing shares and have no lock-in period. These shares will be transferred to eligible employees when they exercise their stock options.
This is a routine ESOP allotment causing a minor dilution of about 0.53% for existing shareholders. Since shares are issued at par with no lock-in, the impact on the stock price is expected to be negligible.