MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2021-22

257 MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2021-22 vi) 2 instalments bifurcated as 50% on the expiry of 12 months and 50% on the expiry of 24 months or vii) 2 instalments bifurcated as 40% on the expiry of 36 months and 60% on the expiry of 60 months The exercise period of above options range from 1 year to 6 years from the date of vesting. Number of vested options exercisable is subject to a minimum of 50 or number of options vested whichever is lower. Summary of stock options No. of stock options Weighted average exercise price (Rs.) Options outstanding on 1 st April, 2021........................................................................................... 57,79,470 4.62 Options granted during the year ................................................................................................... 22,58,534 5.00 Options forfeited/lapsed during the year ...................................................................................... 2,88,642 4.24 Options exercised during the year ................................................................................................. 18,32,862 5.03 Options outstanding on 31 st March, 2022....................................................................................... 59,16,500 4.66 Options vested but not exercised on 31 st March, 2022. ................................................................ 20,34,138 4.08 Average share price on the date of exercise of the options are as under Date of exercise Weighted average share price (Rs.) 01 st April 2021 to 10 th March, 2022. ...................................................................................................................................... 814.30 Information in respect of options outstanding as at 31 st March, 2022 Range of exercise price Number of options Weighted average remaining life Rs. 2.50............................................................................................................................................. 8,06,277 2.70 years Rs. 5.00............................................................................................................................................. 51,10,223 5.51 years The fair values of options granted during the year are as follows: Grant Date No. of Years vesting Fair value per option 29 th June, 2021................................................................................................................................... 7 years Rs. 731.48 01 st July, 2021..................................................................................................................................... 7 years Rs. 715.34 08 th November, 2021. ........................................................................................................................ 2 years Rs. 844.80 08 th November, 2021. ........................................................................................................................ 3 years Rs. 838.66 08 th November, 2021. ........................................................................................................................ 4 years Rs. 832.58 10 th February, 2022............................................................................................................................ 5 years Rs. 789.15 14 th March, 2022................................................................................................................................ 7 years Rs. 683.94 14 th March, 2022................................................................................................................................ 3 years Rs. 700.74 14 th March, 2022................................................................................................................................ 5 years Rs. 672.93 36. Employee Stock Option Plan (contd.)