Honasa Consumer grants ESOPs worth Rs 1.6 Cr
Earlier this week Honasa Consumer appointed Yatish Bhargava as its new chief business officer to lead sales and omnichannel growth.
The board of Honasa Consumer, the parent company of skincare brand Mamaearth, has approved the grant of 53,322 stock options to eligible employees under its 2018 employee stock option plan (ESOP).
Each option is convertible into one equity share of the company with a face value of Rs 10, at an exercise price of Rs 10 per share, according to a stock exchange filing.
As per the stock's current trading price of Rs 304.9 apiece on the NSE, the grant is worth Rs 1.6 crore. Shares of the company opened higher at Rs 308 apiece on Thursday.
The options were granted via a circular resolution passed by the committee on June 18. The scheme is administered by the Nomination and Remuneration Committee and vests based on individual and functional performance.
In April this year, the company had granted 24.16 lakh stock options under its Employee Stock Options Plan- 2018. In January, the parent company behind popular brands such as The Derma Co, Aqualogica, Dr Sheth’s, and BBlunt, expanded its ESOP with an allotment of 45,663 stock options to eligible employees.
Earlier this week, the Varun Alagh-led company appointed Yatish Bhargava as its chief business officer to focus on sales channels, category leadership, and omnichannel growth. The company's former chief business officer, Zairus Master, resigned in February this year, citing personal reasons.