ICRA - Updates

ICRA Ltd has informed BSE that the ESOS Compensation Committee of the Company in its meeting held on March 24, 2007 granted Options to the Eligible Employees of the Company and its Subsidiary Companies. 40% Options (excluding Options lapses) were vested on March 24, 2008 and 30% options (excluding Options lapsed) on March 24, 2009. As per Clause no. 7.5 of the Employees Stock Option Scheme, 2006 (ESOS 2006) of the Company, the vested Options shall become available for exercise in whole or in installments over a period of time ending later than 5 years from the date of vesting (i.e. Exercise Period).

In accordance with the ESOS 2006, an eligible Optionees has submitted their requests in the month of June 2009 for exercise of Options vested to them on March 24, 2008 and March 24, 2009 along with the exercise price and Fringe Benefit Tax. After receiving the exercise amount, the ICRA Employees Welfare Trust has issued Equity Shares of ICRA Ltd in the month of June 2009 to the Optionees who has exercised his options.