Kaveri Seed Company Limited has informed that the Board of Directors of the Company at its meeting held on July 30, 2009, inter alia, has transacted the following:
1. Recommendation of Dividend for the Financial Year 2008-09: The Board recommended a dividend of 20% (Rs 2/- per equity share of Rs 10/- each) on the equity share capital of the Company for the year 2008-09 subject to approval of members in the General Meeting.
2. Employee Stock Option Scheme - 2008: The equity Shareholders of the Company at the Extraordinary General Meeting of the Company through Postal Ballot held on January 08, 2009 approved the proposal to issue Stock Options to eligible Employees of the Company by earmarking 1,37,000 equity shares for the purpose of Employee Stock Option Plan 2008-09.
Now, the Board of Directors proposed to amend the Exercise Price of ESOS 2008 pursuant to clause 7.4 of the Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock purchase Scheme) Guidelines, 1999 to vary the terms & conditions of ESOS 2008 in terms the Exercise Price.
The Exercise Price will be as may be determined by the Board/Compensation Committee from time to time and shall not be less than the par value of the equity share and shall not be more than the market price.
The Board recommends the proposed amendment for approval of equity shareholders at their General Meeting.
1. Recommendation of Dividend for the Financial Year 2008-09: The Board recommended a dividend of 20% (Rs 2/- per equity share of Rs 10/- each) on the equity share capital of the Company for the year 2008-09 subject to approval of members in the General Meeting.
2. Employee Stock Option Scheme - 2008: The equity Shareholders of the Company at the Extraordinary General Meeting of the Company through Postal Ballot held on January 08, 2009 approved the proposal to issue Stock Options to eligible Employees of the Company by earmarking 1,37,000 equity shares for the purpose of Employee Stock Option Plan 2008-09.
Now, the Board of Directors proposed to amend the Exercise Price of ESOS 2008 pursuant to clause 7.4 of the Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock purchase Scheme) Guidelines, 1999 to vary the terms & conditions of ESOS 2008 in terms the Exercise Price.
The Exercise Price will be as may be determined by the Board/Compensation Committee from time to time and shall not be less than the par value of the equity share and shall not be more than the market price.
The Board recommends the proposed amendment for approval of equity shareholders at their General Meeting.
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