Britannia clears stock option plan

Biscuits major Britannia Industries has approved an employee stock option scheme, fixing the exercise price at Rs 1,125.30, Tuesday’s closing price.An exercise price is the price at which options can be converted into shares. The remuneration panel of the company’s board on Wednesday also approved to grant 15,000 options, convertible into an equal number of shares, to managing director Vinita Bali.

In July, shareholders had approved a proposal to issue a maximum of one lakh shares to senior management, whole-time directors and executive directors.The vesting period will be a minimum of one year from the date of grant and the exercise period will commence from the date of vesting and expire not later than three years from the date of vesting.A previous employee stock option plan okayed by the board about two years ago did not see the light of day.