Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Grant of stock options pursuant to Piramal Pharma Limited - Employee Stock Option and Incentive Plan 2022
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On 28th July 2025, the Nomination and Remuneration Committee of Piramal Pharma approved the grant of 20,20,507 stock options to employees under the company's Employee Stock Option and Incentive Plan 2022. Each option carries an exercise price of Rs. 10 per share. The options will vest in three equal tranches starting 28 July 2026, with full vesting completed by 28 July 2028, and can be exercised within five years from each vesting date. Employees based in the US have a tighter exercise window tied to March 15 of each year rather than July.
This represents a moderate dilution risk for existing shareholders once options are exercised, but the long vesting period and 5-year exercise window encourage employee retention and align management interests with long-term shareholder value creation. The Rs. 10 exercise price suggests these are deeply discounted or nominal-priced options, which is typical for ESOPs but means the real cost is the share dilution, not cash outflow from the company.