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AGC Networks Limited - Updates on Outcome of Nomination and Remuneration Committee Meeting
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20 May 2016
With reference to the earlier letter dated May 19, 2016, AGC Networks Ltd has now informed BSE that the Nomination and Remuneration Committee of the Company (&quot;the Committee&quot;) at its meeting held on May 19, 2016 inter alia, noted that out of 1004866 options granted in total under ESOP Scheme 2015 of the Company, 512397 options have lapsed due to resignation by the employees.&lt;BR&gt;&lt;BR&gt;The Committee also considered and approved grant of 320248 stock options equivalent to 1.12% of paid-up equity capital of the Company as on date to the employee of the Subsidiary of the Company at predetermined rates as per the terms of ESOP Scheme 2015. In the Company&apos;s letter dated May 19, 2016, number of options granted was erroneously mentioned as 15941 due to inadvertent error, which should please be ignored.&lt;BR&gt;&lt;BR&gt;These granted options shall vest in 3 equal annual tranches subject to fulfillment of predetermined conditions, starting on expiry of 36 months from the date of grant, and will have to be exercised within 24 months from the vesting date.
View all announcements for AGC Networks Limited Source: BSE India