| 184 Annual Report | 2024-2025 Financials Arohan Financial Services Limited Notes to financial statements for the year ended March 31, 2025 (Contd.) (All amounts in ` lakhs unless otherwise stated) Note 27: Employee stock option scheme ('ESOP Scheme') (cont'd) (iv) Reconciliation of stock options: Particulars ESOP 2017 ESOP 2018 (grant 2018) ESOP 2018 (grant 2019) ESOP 2018 (grant 2020) ESOP 2021 (grant 2021) ESOP 2021 (grant 2022) ESOP 2021 (grant 2023) ESOP 2021 (grant 2024) Outstanding as at March 31, 2023 1,28,000 4,12,824 5,43,908 6,06,349 7,86,591 8,75,650 - - Stock option issued during the year - - - - - - 13,91,143 - Add: Stock option exercised and vested 30,000 - 3 - - - - - Less: Stock option forfeited/ lapsed - 24,000 35,200 46,000 62,200 57,975 38,850 - Outstanding as at March 31, 2024 98,000 3,88,824 5,08,705 5,60,349 7,24,391 8,17,675 13,52,293 - Stock option issued during the year - - - - - - - 18,07,444 Add: Stock option exercised and vested - - - - - - - - Less: Stock option forfeited/ lapsed - 14,000 32,400 28,800 67,840 81,167 1,70,610 2,32,480 Outstanding as at March 31, 2025 98,000 3,74,824 4,76,305 5,31,549 6,56,551 7,36,508 11,81,683 15,74,964 (v) The Company has recognized share based payment expense of ₹760.25 Lakhs (March 31, 2024: ₹515.76 lakhs) during the year as proportionate cost (Refer note 36). (vi) Following employees have received a grant in the reporting year of option amounting to 5% or more of total option granted against ESOP 2021 (grant 2024): Name of Employee Designation Number of Options granted Milind R Nare Chief Financial Officer 1,02,000 Manoj Kumar N Nambiar Managing Director 2,25,000 Note: There are no identified employees who were granted options, during any particular year, equal to or exceeding 1% of the issued capital (excluding outstanding warrants and conversions) of the company at the time of grant. (vii) The fair value of the options granted is determined on the date of the grant using the “Black-Scholes option pricing model” with the following assumptions, as certified by an independent valuer. Particulars ESOP 2017 ESOP 2018 (grant 2018) ESOP 2018 (grant 2019) ESOP 2018 (grant 2020) ESOP 2021 (grant 2021) ESOP 2021 (grant 2022) ESOP 2021 (grant 2023) ESOP 2021 (grant 2024) (A) Date of grant of options August 29, 2017 May 16, 2018 May 16, 2019 August 04, 2020 June 05, 2021 August 19, 2022 August 30, 2023 August 30, 2024 (B) Fair market value of option on the date of grant 14.71 37.61 49.53 56.83 75.94 47.26 76.30 87.85 (C) Exercise price (₹) 84.70 130.00 162.80 170.00 210.00 153.94 124.00 148.35 (D) Expected volatility (%) 35.95 34.25 39.02 47.60 46.31 51.08 50.43 47.85 (E) Expected forfeiture percentage on each vesting date - - - - - - - - (F) Expected option life (weighted average) 1.04 2.50 2.50 2.57 3.00 2.50 7.01 7.01 (G) Expected dividends yield - - - - - - - - (H) Risk free interest rate (%) 6.07% 7.51% 6.75% 4.39% 4.95% 6.57% 7.07% 6.66% Note: The expected volatility was determined based on historical volatility data of the other comparable Company’s shares listed on the Stock Exchange.
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