Pharma major Dr. Reddy's Laboratories on Wednesday allotted 14,284 fully paid up equity shares worth Rs 7.28 crore to various employees on exercise of their stock options. The ESOP comprises of 6,774 equity shares of Rs 5 each under Dr. Reddy's Employees Stock Option Scheme and 7,510 equity shares of Rs 5 each under ADR Stock Option Scheme, it said in a regulatory filing.
"The nomination, governance and compensation committee of the board of directors of the company has allotted 14,284 equity shares of Rs 5 each of the company, fully paid up, on September 23, 2020 to employees on exercise of their stock options," Dr. Reddy's Laboratories said in a filing to the Bombay Stock Exchange.
An employee stock ownership plan (ESOP) is an employee benefit scheme that gives employees ownership interest in the company.
While 6,774 equity shares of Rs 5 each has been allotted under Dr. Reddy's Employees Stock Option Scheme (2002), 6,260 equity shares of Rs 5 each has been issued under Dr. Reddy's Employees ADR Stock Option Scheme, 2007.
Besides, the company has allotted 1,250 equity shares at fair market value under Dr. Reddy's Employees ADR Stock OptionScheme, 2007, it said.
Meanwhile, shares of Dr. Reddy's Lab closed trade at Rs 5,100.40, down 1.45 per cent, against previous closing price of Rs 5,175.30. During the day's trade, the stock hit an intraday high and low of Rs 5,280 and Rs 5,063.45, respectively.
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