Vikram Solar Limited has received a credit rating upgrade from India Ratings and Research Private Limited (India Ratings) for its bank facilities worth ₹2,700 crores. The company announced this development through a regulatory filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Credit Rating Details

The rating upgrade covers both long-term and short-term bank facilities of the solar energy company. India Ratings has revised its assessment of Vikram Solar's creditworthiness, reflecting improved financial standing.

Regulatory Compliance

The credit rating revision was communicated to both BSE Limited and National Stock Exchange of India Limited as part of the company's disclosure obligations. Vikram Solar trades on BSE with scrip code 544488 and on NSE with the symbol VIKRAMSOLR in the equity series.

Credit Facility Coverage

The total credit facilities covered under this rating assessment amount to ₹2,700 crores. The rating upgrade indicates India Ratings' positive assessment of the company's ability to service its debt obligations and overall financial health.

Additional Information

According to the company's disclosure, detailed information about the revised credit rating is available on India Ratings' official website. The rating letter has been issued to Vikram Solar for the specified credit facilities, providing formal documentation of the upgrade.

Vikram Solar Limited has announced the grant of employee stock options under its Employee Stock Option Plan 2021, marking a significant step in its employee incentive program. The company's Nomination and Remuneration Committee (NRC) approved this grant of 17,22,000 employee stock options to eligible employees of the company and its group associate companies.

Stock Option Grant Details

The committee has approved the issuance of 17,22,000 employee stock options to eligible employees of Vikram Solar and its group associate companies. This substantial grant demonstrates the company's commitment to employee participation in its growth story.

Vesting and Exercise Terms

The granted stock options come with specific terms and conditions designed to align employee interests with long-term company performance. The options have been structured with a minimum vesting period to ensure employee retention and commitment.

Regulatory Compliance

The stock option grant has been made in compliance with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The company has fulfilled all disclosure requirements under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The exercise price of ₹210.69 per option has been determined by the Nomination and Remuneration Committee and subsequently ratified by the Board of Directors, ensuring proper governance in the pricing mechanism. Each granted option is exercisable into equity shares of face value ₹10.00, fully paid.

Employee Incentive Strategy

This employee stock option grant represents Vikram Solar's strategy to attract, retain, and motivate talented employees by providing them with an opportunity to participate in the company's future growth. The plan covers employees across the company and its group associate companies, ensuring broad-based participation in the incentive program.

The company has structured the vesting schedule to be specified in individual grant letters, allowing for customized arrangements based on employee roles and performance criteria. This approach provides flexibility while maintaining the overall framework of the ESOP 2021 plan.