JSW Dulux Limited Grants 2,57,682 Employee Stock Options Under ESOP 2026 Scheme
JSW Dulux Limited's Nomination and Remuneration Committee approved the grant of 2,57,682 employee stock options at an exercise price of Rs. 2922.80 per option on May 13, 2026, under the ESOP 2026 scheme. The options vest between 1 and 5 years from the grant date, with each option convertible into one equity share of face value Rs. 10/-. The scheme is compliant with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.
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The Nomination and Remuneration Committee (NRC) of JSW Dulux Limited (formerly Akzo Nobel India Limited) approved the grant of 2,57,682 employee stock options (ESOPs) to eligible employees at its meeting held on May 13, 2026. The grant has been made under the JSW Dulux Limited - Employee Stock Option Scheme 2026 (ESOP 2026), which has been approved by the shareholders of the company. The disclosure has been made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Key Details of the ESOP Grant
The following table summarises the key parameters of the ESOP grant as disclosed by the company:
| Parameter: | Details |
|---|---|
| Number of ESOPs Granted: | 2,57,682 |
| Grant Date: | May 13, 2026 |
| Exercise Price: | Rs. 2922.80 per option |
| Face Value per Share: | Rs. 10/- |
| Equity Shares Covered: | 2,57,682 |
| Options Vested: | Nil |
| Options Exercised: | Not applicable at this stage |
| Options Lapsed: | Not applicable at this stage |
| Scheme Compliance: | SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 |
Exercise Price Determination
The exercise price of Rs. 2922.80 per option has been determined as the Market Price under ESOP 2026. As defined in the scheme, Market Price refers to the latest available closing price on the stock exchange on which the shares of the company are listed, on the date immediately prior to the relevant date. Accordingly, the exercise price has been based on the closing price of the company's shares on the National Stock Exchange of India Limited (NSE) on May 12, 2026, being the exchange where the highest trading volumes were recorded on that date.
Vesting and Exercise Period
The options granted under ESOP 2026 are subject to a vesting schedule and exercise period as outlined below:
- Minimum Vesting Period: 1 (One) year from the date of grant
- Maximum Vesting Period: 5 (Five) years from the date of grant
- Exercise Period: A maximum of 4 (Four) years commencing from the date of each vesting
- Special Circumstances: In the event of death or permanent incapacity, the NRC may, at its discretion, allow an additional exercise period not exceeding 12 months beyond the originally prescribed exercise period
- Flexibility: All vested options may be exercised by the option grantee at one time or at various points within the exercise period
Scheme Administration and Governance
The ESOP 2026 is administered and supervised by the Nomination and Remuneration Committee, which holds all rights, powers, and duties relating to the scheme, including those delegated by the Board in accordance with applicable laws. The scheme is also administered by a Trust to the extent aspects of such administration are delegated by the Committee as per applicable legal requirements. All questions of interpretation of the scheme are to be determined by the Committee, and such determinations are final and binding on all persons having an interest in the scheme.
Each ESOP, when exercised, will be converted into one equity share of the company with a face value of Rs. 10/- (Rupees Ten only), fully paid-up. The company has stated that diluted earnings per share pursuant to the issue of equity shares on exercise of options is not applicable at this stage. The intimation has been signed by Rajiv L. Jha, General Counsel & Company Secretary, and the relevant information is also available on the company's website at www.akzonobel.co.in .
Historical Stock Returns for JSW Dulux
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.44% | -1.00% | -1.67% | -12.58% | -16.42% | +34.69% |
How might the rebranding from Akzo Nobel India to JSW Dulux Limited impact employee retention and the attractiveness of these ESOPs to key talent in the paints and coatings industry?
Given the exercise price of Rs. 2922.80, what stock price appreciation would employees need to see over the 5-year vesting period to make these options financially meaningful, and how does this compare to industry peers' ESOP structures?
How could the JSW Group's broader strategic plans for JSW Dulux Limited influence the likelihood of employees exercising these options before the maximum exercise period expires?
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