Each option is convertible into one equity share (face value of Rs 10 each) upon vesting at an exercise price calculated at a discount of 75% of the average of the high and low of the market price of the shares of the company on the Bombay Stock Exchange during 15 days preceding the date of vesting subject to minimum exercise price of Rs 25 per share.

The aforesaid options shall vest after one year from the date of grant and vesting period shall range up to four years from the date of grant and the said options shall be exercisable within a period of two years from the date of vesting and shall be subject to the provisions of SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme), Guidelines, 1999 and the provisions of the Employees Stock Option Scheme - 2010 of the company.