Thermax Limited — Others, 20-05-2025: Options to purchase securities

Thermax has announced a grant of 14,158 stock options to eligible employees under its ESOP Scheme, 2021. Each option converts into one equity share at an exercise price of Rs. 15.25, vesting over three years in equal tranches, with a five-year exercise window after vesting and no lock-in period. This move aims to align employee interests with shareholder value, enhancing retention and driving performance.