ESOP 04/Capacity Optimisation

RNS Number:4977G
Associated Cement Companies Ld(The)
16 December 2004



December 16, 2004.



Dear Sirs,



Pursuant to the Resolution passed by the shareholders of the Company at the
Annual General Meeting of the Company held on 9th July 2004, the Compensation
Committee of the Board of Directors at its Meeting held today has granted
6,04,150 Stock Options to certain permanent employees in the Management Cadre
including the Managing Director and Wholetime Director.  These Stock Options
representing  6,04,150 Equity Shares in the aggregate are to be exercised in the
manner laid down in the aforementioned Resolution/Explanatory Statement and the
Rules governing the ESOS.



The main features of the Scheme are as under :-




01   Total number of Options  The Compensation Committee has granted 6,04,150 Stock Options (which is
     granted                  limited to about 0.34% of the subscribed Share Capital against the maximum
                              number of 15,00,000 Options in the aggregate as per the Resolution passed by
                              the shareholders i.e. about 0.84% of the subscribed Share Capital.).
02   Exercise Price           As per the Explanatory Statement referred to above, "the exercise price for
                              the purpose of grant of options will be computed on the average of the two
                              weeks high and low price of the share preceding the date of grant of options
                              on either BSE/NSE where the trading volume is higher or the latest available
                              closing price prior to the Meeting of the Committee as may be decided by the
                              Committee.  Notwithstanding what is stated above, the Committee shall have
                              the discretion to fix the exercise price at a level higher than the one
                              indicated above". Accordingly, the  exercise price has been determined at
                              Rs.314/-(Rupees Three Hundred and Fourteen only) per share. (The closing
                              price as on 15.12.2004 at NSE being Rs.313.70 ).
03   Vesting Period           The Vesting Period is one year from the date of the grant.  The date of grant
                              is 16th December 2004.  No employee can exercise his/her right during this
                              Vesting Period
04   Exercise  Period         The options can be exercised within a period of four  years from the date of
                              the expiry of the vesting period in one or more tranches.  On exercise of the
                              options, the employee will be allotted one Equity Share per option at the
                              exercise price.





Further, the Board of Directors has approved incurring of capital expenditure of
      Rs.259 Crores for optimisation  and capacity balancing of Lakheri Cement
Works in Rajasthan from  6 lakh tonnes per annum to 15 lakh tonnes per annum and
for the installation of a 25 MW Captive Power Plant.





Thanking You,

Yours faithfully,

For The Associated Cement Companies Limited,







(A.  Anjeneyan)

Company Secretary.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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