Shyam Metalics vests second tranche of employee stock options

Shyam Metalics and Energy Limited announced the vesting of 23% of the stock options granted under its "SMEL Employee Stock Incentive Plan - 2023" (ESIP - 2023) to 62 eligible employees. This vesting, totaling 138,598 options, occurs upon the completion of the second year from the grant date of September 25, 2023, and becomes exercisable from September 25, 2025.

The ESIP - 2023 sub-plan, SMEL Performance ESOP Scheme (ESOP-2023), initially granted 859,738 options. These options were priced at ₹326, representing a 25% discount on the market price as of September 25, 2023. The market price was determined by the latest available closing price on the National Stock Exchange of India Limited on September 22, 2023.

The vesting schedule for the granted options is staggered, with 20% vesting on the first anniversary, 23% on the second, 23% on the third, and the remaining 34% on the fourth anniversary of the grant date. Employees have a four-year window from the commencement of the vesting period to exercise their options. The ESOP Scheme is administered via an ESOP Trust authorized to purchase shares from the secondary market.