Eicher Motors : ESOP Statement 2023-24

Statement pursuant to SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 for the financial year ended March 31, 2024

Sl.	Particulars	Employee Stock Option Plan, 2006
No.		("ESOP, 2006")
1	Date of	shareholders' July 5, 2006
	approval

• Total number of options Total number of options shall not

approved under Employee	exceed 5% of the total paid up equity
Stock Option	Plan,	2006	shares of the Company from time to
and Restricted	Stock	Unit	time. Paid up equity shares	of the
Plan, 2019			Company as at March 31, 2024 are
			27,38,05,630.	Accordingly,	the

maximum no. of options that can be granted by the Company is 1,36,90,281 (5% of 27,38,05,630) as on March 31, 2024.

Restricted Stock Unit Plan, 2019 ("RSU,

2019")

August 1, 2019

Total number of options shall not exceed 1% of the total paid up equity shares of the Company from time to time. Paid up equity shares of the Company as at March 31, 2024 are 27,38,05,630. Accordingly, the maximum no. of options that can be granted by the Company is 27,38,056 (1% of 27,38,05,630) as on March 31, 2024.

• Vesting Requirements

• Exercise price or pricing formula

• Maximum term of options granted

• Source of shares (primary, secondary or combination)

• Variation in terms of options

• Method used to account for ESOS - Intrinsic or fair value

Vesting of the options shall take place in the manner determined by the Nomination and Remuneration Committee at the time of grant provided the vesting period shall not be less than 1 (one) year from the date of grant.

Vesting of options shall be subject to the conditions that the Grantee shall be in continuous employment with the Company and such other conditions and exceptions as provided under Company's ESOP, 2006 and RSU, 2019.

The Exercise Price of each grant is	The Exercise Price of each grant shall be
determined by the Nomination and	the face value of the Share on the date of
Remuneration Committee at the time	exercise of RSU.
of grant, provided that the Exercise
Price shall not be less than the closing
market price of the shares of the
Company on NSE/BSE on the day
preceding the date of grant of Options.

The maximum term of options granted within which they shall be exercised is decided by the Nomination and Remuneration Committee which is generally ten years from the date of grant of the options.

Primary

During the year, no amendment/ modification/ variation has been made in terms

of options granted by the Company.
Equity-settledshare-based payments	Equity-settledshare-based payments to
to employees are measured at the fair	employees are measured at the fair value
value of the equity instruments at the	of the equity instruments at the grant
grant date. The fair value determined	date. The fair value determined at the

						at the grant date of the equity-settled	grant date of the equity-settled share-
						share-based payments is expensed on	based payments is expensed on a
						a straight-line basis over the vesting	straight-line basis over the vesting period.
						period. The cost (net of reversal, due	The cost (net of reversal, due to
						to forfeiture) of share-based payments	forfeiture) of share-based payments to
						to employees for the year ended	employees for the year ended March 31,
						March 31, 2024 is Rs. 9.98 crores.	2024 is Rs. 24.24 crores.
9	Where	the	company	opts	Not Applicable	Not Applicable
	for expensing of the options
	using the intrinsic value of
	the options, the difference
	between	the	employee
	compensation	cost	so
	computed	and	the
	employee	compensation
	cost that shall have been
	recognised if it had used the
	fair value of the options
	shall	be	disclosed.	The
	impact of this difference on
	profits and on EPS of the
	company	shall	also	be
	disclosed.

10 Weighted-average exercise Details of weighted average exercise Details of weighted average exercise

prices	and		weighted-	prices and weighted average fair	prices and weighted average fair values
average	fair values of	values of the options exercised during	of the options exercised during the
options	shall	be	disclosed	the financial year ended March 31,	financial year ended March 31, 2024,
separately	for	options	2024, whose exercise price equals to	whose exercise price is less than the
whose exercise price either	the market price of the stock on the	market price of the stock on the date of
equals or exceeds or is less	date of grant:				grant:
than the market price of the	Weighted	average	exercise	price	-	Weighted average exercise price - Re. 1
stock.
			Rs. 1,437.08
									Weighted average fair value - Rs. Nil
				Weighted	average	fair	value	-
				Rs. 524.72

11 Details of Options granted during the financial year ended March 31, 2024

i)	Director		None	Options granted to 1 (one) Director
				during the financial year at an exercise
				price of Re. 1.
ii)	Senior	Managerial	None	33,300 options granted to 11 (eleven)
	Personnel			Senior Managerial Personnel during the

financial year at an exercise price of Re. 1.

iii)

Any

other

employee

None

Apart from information stated at point

who received a grant in

11(i) above on grant of stock options to a

any one year of Options

Director, there is no grant to any other

amounting

to

5%

or

employee which is more than 5% of the

more

of

the

Options

total options granted during the financial

granted

during

that

year.

year.

iv)

Identified

employees

None

who

were

granted

Options during any one

year,

equal

to

or

exceeding

1%

of

the

issued

capital

(excluding

outstanding

warrants

and

conversions)

of

the

Company at the time of

grant.

12

A description of the method

No ESOP grants during the

The fair value of each restricted stock unit granted

and significant assumptions

financial year ended March

during the year is estimated using the Black-Scholes

used during the year to

31, 2024.

Option Pricing Model after applying the following

estimate the fair value of

key assumptions:

options

including

the

following information:

Option grant date

-

May 10, 2023

August 3, 2023

November 10,

2023

(a)

(i)

the

weighted-average

-

3381.90

3332.70

3541.90

values of share price

(ii) exercise price

-

1.00

1.00

1.00

(iii) expected volatility

-

29.52%

28.61%

27.41%

(iv) expected option life

-

3 years

3 years

3 years

(v) expected dividends

-

0.6013%

0.6476%

0.6476%

(vi) the risk-free interest

-

7.09%

7.23%

7.39%

rate

(b)

the method used and the

Not Applicable

assumptions

made

to

incorporate the effects of

expected early exercise

(c)

how

expected

Volatility

Not Applicable

Expected Volatility was determined by taking the

was

determined,

including

daily volatility of the share price on NSE, over a

	an explanation	of	the	period prior to the date of grant, corresponding to
	extent	to	which	expected	the expected life of the options for each vesting.
	volatility	was	based	on
	historical volatility
(d)	whether and how any other	Not Applicable
	features of the option grant
	were incorporated into the
	measurement of fair value,
	such as a market condition.
13	Diluted	EPS on	issue	of	Rs. 136.75
	shares pursuant to all	the
	schemes		covered under
	the regulations		shall	be
	disclosed	in	accordance
	with	'Indian	Accounting
	Standard 33 -Earnings Per
	Share' issued by ICAI or any
	other	relevant	accounting
	standards	as	prescribed
	from time to time
14	Relevant		disclosures	in All relevant disclosures have been made in the financial statements.
	terms		of	the'	Guidance
	note	on	accounting	for
	employee		share-based
	payments' issued by ICAI or
	any		other		relevant
	accounting	standards	as
	prescribed	from	time	to
	time

Details of Option Movement during the Financial Year 2023-24
Sl. No.	Particulars	Employee Stock Options	Restricted Stock Units
		Plan, 2006	Plan, 2019
1.	Number of options outstanding at the	9,38,190	1,37,880
	beginning of the year
2.	Number of options granted during the year	Nil	1,49,250
3.	Number of options forfeited / lapsed	24,000	11,400
	during the year
4.	Number of options vested during the year	3,37,000	Nil
5.	Number of options exercised during the	3,24,060	Nil
	year
6.	Number of shares arising as a result of	3,24,060	Nil
	exercise of options
7.	Money realized by exercise of options	46.57 Crores	Nil
	(INR), if scheme is implemented directly by
	the Company
8.	Loan repaid by the Trust during the year	Not Applicable	Not Applicable
	from exercise price received
9.	Number of options outstanding at the end	5,90,130	2,75,730
	of the year
10.	Number of options exercisable at the end	1,54,130	Nil
	of the year