Date: 30th July, 2026
Other Operational / Legal / Strategic Disclosures
The disclosure provides clarification regarding the methodology for determination of the appreciation amount payable under the Proposed Dhanuka Stock Appreciation Rights Plan, 2026 ("SAR 2026"). This clarification was issued in response to discussions and clarifications sought by certain proxy advisory firms.
Stock Appreciation Rights Plan Details
Appreciation Amount Calculation:
- Each SAR exercised by a Participant entitles them to receive an amount in cash equal to the appreciation in the value of the underlying Equity Share
- The appreciation amount is calculated as: (Fair Market Value as on the date of Exercise of SAR – Exercise Price) × Number of SARs Exercised
Exercise Price Determination:
- The exercise price shall not be less than the closing Market Price of the Shares on the date of grant
- Where higher number of shares have traded on such date of grant, the higher price is used
Settlement Method:
- The SARs are cash-settled, meaning participants receive the appreciation amount in cash upon exercise
Availability of Information
The information is available on the company's website at www.dhanuka.com under the Investors section.