|
| Exchange Disseminated Time 30/01/2017 16:52:46 | V-Guard Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 30, 2017, inter alia, has:
The Board of Directors also considered the commencement of commercial production of Stabilizers and Electric Water Heaters in March, 2017 at the new manufacturing facilities set up at Sikkim. With the commencement of commercial production, the production capacity of the products would get increased. Total investment outlay for Stabilizer and Electric water Heater Factories are Rs.12.50 crores and Rs. 25.00 crores respectively.
The Board considered and approved the Increase in the Authorized Share Capital of the Company from Rs. 40,00,00,000/- (Rupees Forty Crores only) divided into 40,00,00,000 (Forty crores only) equity shares of Rs. 1/- each to Rs. 50,00,00,000/- (Rupees Fifty Crores only) divided into 50,00,00,000 (Fifty crores only) equity shares of Rs. 1/- each, which shall rank pari-passu in all respect with the existing shares of the Company and consequently amending the existing Clause V of the Memorandum of Association of the Company.
The Board has allotted 2,58,970 equity shares having face value of Rs. 1/- each to the employees who have exercised the stock options under Employees Stock Option Scheme, ESOS 2013. Among the 2,58,970 equity shares, 1,89,320, 47,825 and 21,825 equity shares were allotted at Rs. 1/-, Rs. 48.50 and Rs. 99.90 each respectively.
The Nomination and Remuneration Committee of the Company in their meeting held on January 30, 2017 has approved the grant of 58,900 Stock Options to eligible employees of the Company, in terms of Employee Stock Option Scheme 2013 ("ESOS - 2013"). The said options carry the right to apply for equivalent number of equity shares of the Company of face value of Rs. 1/- each, the brief terms of which are as under:
1. Vesting: The options shall vest over a period of 4 years on the basis of time and performance.
2. Exercise period: 6 years from the date of vesting of options.
3. Exercise price: Rs. 1/- per share for 58,900 number of stock options.
The aforesaid meeting commenced at 12.45 p.m. and concluded at 4.30 p.m. |
|
|