Thermax Limited has informed the Exchange about Options to purchase securities
THERMAX · price
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Thermax Limited has granted 14,432 stock options to eligible employees under its Employee Stock Option Plan 2021 (ESOP 2021), as approved by the Nomination and Remuneration Committee on May 8, 2025. Each option is convertible into one equity share of face value Rs. 2, at an exercise price of Rs. 15.25 per option. The options will vest over three years in tranches of 33%, 33%, and 34% from the grant date, and employees will have 5 years from each vesting date to exercise them. There is no lock-in period under the plan, and the scheme is compliant with SEBI's Share Based Employee Benefits and Sweat Equity Regulations, 2021.
This is a routine ESOP grant with minimal dilution given the small size (14,432 shares) relative to Thermax's overall equity base. The low exercise price of Rs. 15.25 is well below typical market levels, which is a standard incentive feature aimed at retaining and motivating employees, though it may raise questions about the strike price being set significantly below fair market value.