Hero MotoCorp has announced the allotment of 13,752 equity shares to eligible employees under its Employee Incentive Scheme 2014. Additionally, the company has approved the grant of 820 Restricted Stock Units (RSUs) and 1,843 Performance Restricted Stock Units (PRSUs) to certain eligible employees. These grants are subject to vesting periods and other terms as defined by the company’s scheme.
Equity Share Allotment
Hero MotoCorp has allotted 13,752 equity shares to eligible employees who exercised their stock options/units under the Employee Incentive Scheme 2014. These shares have a face value of Rs. 2/- each.
Breakdown of Allotment
The allotment includes the following:
Block Title
ParticularsNo. of equity shares allotted
Stock Options, 20181,160
Stock Options, 2019575
Stock Options, 2020550
Performance Restricted Stock Units, 20223,841
Restricted Stock Units, 20222,490
Restricted Stock Units, 20233,929
Restricted Stock Units, 20241,207
Total13,752
These shares will rank equally with the existing equity shares. Following this allotment, the company’s paid-up share capital has increased to Rs. 40,01,63,224/-, divided into 20,00,81,612 equity shares with a face value of Rs. 2/- each.
Grant of Restricted Stock Units (RSUs)
The company has approved the grant of 820 Restricted Stock Units (RSUs) at a face value of Rs. 2/- per unit. These RSUs will vest over 3 years in the ratio of 33.33%:33.33%:33.33% to certain eligible employees.
Grant of Performance Restricted Stock Units (PRSUs)
Additionally, 1,843 Performance Restricted Stock Units (PRSUs) at a face value of Rs. 2/- per unit have been granted, vesting after 3 years to certain eligible employees.
Key Details of RSUs and PRSUs
The granted RSUs and PRSUs are convertible into one equity share each. Vesting of RSUs commences from the end of the first year from the grant date, exercisable within 24 months of vesting. PRSUs vest after 3 years from the grant date and are exercisable within 24 months.
Source: BSE
