| 166 Annual Report | 2025-2026 Financials (vi) None of the employees have received a grant in the reporting year of option amounting to 5% or more of total option granted against ESOP 2021 (grant 2025) and grant 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 2010 (grant 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) ESOP 2021 (grant 2025) (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 August 29, 2025 (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 87.90 (C) Exercise price (₹) 84.70 130.00 162.80 170.00 210.00 153.94 124.00 148.35 148.35 (D) Expected volatility (%) 35.95 34.25 39.02 47.60 46.31 51.08 50.43 47.85 48.36 (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 7.00 (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% 6.49% Note: The expected volatility was determined based on historical volatility data of the other comparable Company’s shares listed on the Stock Exchange. Arohan Financial Services Limited Notes to financial statements for the year ended March 31, 2026 (cont’d) (All amounts in ₹ lakhs unless otherwise stated) Note 27: Employee stock option scheme (‘ESOP Scheme’) (cont’d)
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