MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 424 Average share price on the date of exercise of the options are as under Date of exercise Weighted average share price (Rs.) 01st April, 2023 to 21st March, 2024......................................................................................................................................................................................................................... 1,578.64 Information in respect of options outstanding as at 31st March, 2024 Range of exercise price Number of options Weighted average remaining life Rs. 2.50*........................................................................................................................................................................................................................................... 2,40,364 1.21 years Rs. 5.00............................................................................................................................................................................................................................................. 50,15,498 4.43 years * adjusted for the effect of bonus The fair values of options granted during the year are as follows: Grant Date No. of years vesting Fair value per options 25th May, 2023............................................................................................................................................................................................................................ 5 years Rs. 1215.32 09th November, 2023.................................................................................................................................................................................................................. 3 years Rs. 1427.84 09th November, 2023.................................................................................................................................................................................................................. 5 years Rs. 1405.03 13th February, 2024................................................................................................................................................................................................................. 2 years Rs. 1568.33 The fair value has been calculated using the Black Scholes Options Pricing Model and the significant assumptions made in this regard are as follows: Grant date and vesting period 25th May, 2023 (5 years vesting) 09th November, 2023 (3 years vesting) 09th November, 2023 (5 years vesting) 13th February, 2024 (2 years vesting) Risk free interest rate 6.84% 7.16% 7.20% 7.03% Expected life 5 years 4 years 5 years 6 years Expected volatility 34.22% 31.36% 34.05% 33.23% Expected dividend yield 0.91% 1.09% 1.09% 0.98% Exercise Price (Rs.) 5 5 5 5 Stock Price (Rs.) 1215.32 1427.84 1405.03 1568.33 Stock options granted to employees are accounted in accordance with the requirements of IND AS 102- Share based payments. Consequently, share based payment expense recognised by the Company in profit or loss after adjusting for reversals on account of options forfeited amounted to Rs. 111.49 crores for the year ended 31st March, 2024 (2023: Rs. 106.63 crores) and included in salaries, wages and bonus, etc. Total Share based payment expense recognised in profit or loss by the Company and its subsidiaries is as under: Rupees crores Particulars 2024 2023 Equity settled share based payment........................................................................................................................................................................... 128.86 139.75 Cash settled share based payment............................................................................................................................................................................... 1.78 6.33 Total................................................................................................................................................................................................................................................... 130.64 146.08 38. Employee stock option plan (Continued)
RkJQdWJsaXNoZXIy NTE5NzY=