Bangalore based developers, Kolte-Patil Developers Ltd. gains 2% in early morning trade in result of the company’s nomination and remuneration committee (NRC) approving and granting 189,500 stock options to the Group’s CEO Gopal Sarda.
In its BSE regulatory filing, Kotle-Patil said, “The NRC in their meeting held on 14 August 2018 had granted Mr. Gopal Sarda – Group CEO of the Company, 379,000 stock options, as per the Employee Stock option Scheme ‘ 2014 of the Company. Out these stock options, 189,500 were vested for which he has exercised the option at the exercise price of Rs 145 per share and NRC in their meeting held on 01 September 2020 has allotted 189,500 equity Shares of face value Rs.10 each, with Exercise Price of Rs.145 per options, in terms oi employee stock-option Scheme 2014 of the Company. The balance unvested stock options have been surrendered by him.”
In August 2018, the NRC had granted 379,000 stock options as per the ESOP scheme. Leaving 189,500 shares the balance unvested stock options have been surrendered by Sarda. The company is currently headed by Mr. Rajesh Patil as Chairman and MD.
On September 2, 2:47 pm the stock was trading at Rs 173.50 on the National Stock Exchange. It touched an intraday high of Rs175 per piece on Sensex.
