27 Jun 2018 07:38
June 27, 2018
To
The London Stock Exchange
10 Paternoster Square
London
EC4M 7LS
Dear Sir/Madam,
Sub: Subex Limited "The Company"-Outcome of the Board Meeting held on June 26, 2018
Please be informed that the agenda items summarized hereunder were discussed and approved at the Board Meeting held today at Mumbai:
· Approval of Employees Stock Option Scheme namely, "Subex Employees Stock Option Scheme - 2018" ( Subex ESOP 2018/ Scheme) subject to approval of the shareholders at the ensuing 24th Annual General Meeting of the Company.
· Appointment of Mr. G V Krishnakanth (Membership Number A17291) as the Company Secretary of the Company with effect from 10th July 2018
Thanking you
Yours truly,
For Subex Limited
Anil Singhvi
Chairman & Independent Director
ENCL: As above.
Information with regard to Employees Stock Option Scheme namely "Subex Employees Stock Option Scheme - 2018" (Subex ESOP 2018/ Scheme)
Sl No. | Particulars | Details |
1. | Brief details of options granted | Total number of Options to be granted under the Scheme shall not exceed 5% (Five percent) of the paid- up equity capital as on March 31, 2018
The ESOP Plan would be implemented through the Subex Employee Welfare and ESOP Benefit Trust ("ESOP Trust"), as it is proposed that the equity shares of the Company would be acquired from the secondary market |
2. | Whether the scheme is in terms of SEBI (SBEB) Regulations, 2014 | Yes |
3. | Pricing Formula | Exercise price shall not be less than the average market price at which the equity shares of the Company are acquired by the Trust |
4. | Brief details of significant terms | The vesting period shall be decided by the Compensation Committee from time to time but shall not be less than one year and more than four years from the grant of options
|
5. | Provision of loan to the ESOP Trust | The Company shall make such interest free loans from time to time, to fund the ESOP Trust which shall be utilized for the sole purpose of purchase of equity shares of the Company from the secondary market through the stock exchange mechanism. Such loans to the ESOP Trust, shall not exceed the limit of 2% (two percent) of the aggregate of paid-up share capital and free reserves of the Company |