The Nomination and Remuneration Committee approved the grant in its meeting held on May 22, 2026, at 17:15 hrs (IST).
Key Details of the Grant:
- Number of Options Granted: 2,71,666 stock options
- Scheme Compliance: The grant is in terms of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021
- Shares Covered: Each stock option is convertible into one equity share of face value INR 10 each, totaling 2,71,666 potential shares
- Pricing Formula: As per SEBI ESOP Regulations 2021
- Exercise Price: INR 203 per option
Vesting Schedule:
The options vest over a 4-year period in equal annual tranches:
- 25% (67,916.5 options) on May 22, 2027
- 25% (67,916.5 options) on May 22, 2028
- 25% (67,916.5 options) on May 22, 2029
- 25% (67,916.5 options) on May 22, 2030
Exercise Period:
A 2-year exercise period from the date of vesting applies to each tranche.
Governance:
The stock options are governed by the company's ESOP Plan 2023, which is administered and implemented by the Nomination and Remuneration Committee in accordance with SEBI ESOP Regulations 2021.
The company noted that requirements under SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 updated as on January 30, 2026, are not applicable to this grant.
The intimation was signed by Abhishek Mishra, Company Secretary & Compliance Officer of Max Estates Limited, on May 22, 2026, at 23:39:16 IST.