Nuvama Wealth Management Limited has made a regulatory disclosure regarding the grant of Employee Stock Appreciation Rights (ESARs) under its 2026 scheme.

Regulatory Basis

The disclosure is made pursuant to Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Master Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Key Details of ESAR Grant

  • Total ESARs Granted: 79,38,556
  • Scheme Compliance: The scheme is in terms of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021
  • Maximum Shares Covered: Not more than 79,38,556 equity shares
  • Settlement Mechanism: ESARs represent stock appreciation-linked rights, and settlement may result in issuance of shares representing only the appreciation component (excess of Market Price over ESAR Price), not necessarily on a one-to-one basis

Pricing Formula

The ESAR Price for the grant is equal to the Market Price of the shares, determined by the NRC in accordance with the Plan. Market Price means the latest available closing price of shares on the recognized stock exchange on which the company's shares are listed on the date immediately prior to the Grant Date. If shares are listed on more than one stock exchange, the closing price on the exchange with higher trading volume is considered.

Vesting Schedule

Of the total 79,38,556 ESARs granted:

  • 73,93,366 ESARs shall vest on a graded basis in annual tranches over a period of five years from the date of grant
  • 5,45,190 ESARs shall vest in equal annual tranches over a period of four years from the date of grant

Exercise Period

The ESARs may be exercised within 2 years from the date of vesting.

Administration and Terms

The Plan is administered by the Nomination and Remuneration Committee. The granted ESARs, once vested and exercised, entitle the holder to receive appreciation for a specified number of equity shares where settlement shall be in equity shares of the company upon payment of exercise price and applicable taxes according to the Plan's terms and conditions.

Non-Applicable Items

The following items are marked as not applicable since this disclosure pertains only to the grant of ESARs:

  • ESARs exercised
  • Money realized by exercise of ESARs
  • Total number of shares arising from exercise
  • ESARs lapsed
  • Variation of terms of ESARs
  • Subsequent changes or cancellation
  • Diluted earnings per share impact