The nomination and remuneration committee of InterGlobe Aviation, the company that runs airline IndiGo, has approved the grant of 67,150 performance stock units (PSU) to its CEO Pieter Elbers.
The PSUs carry the right to apply for equivalent number equity shares of the company at the face value of `10 each, subject to the terms and conditions of the vesting set out in the scheme.
At Friday’s closing of InterGlobe Aviation stock at Rs 1,865.30, down 2.27% compared to its Thursday’s closing, the PSUs are worth `12.52 crore. The exercise price shall be Rs 10 per equity share.
PSUs under the scheme would vest within a maximum period of four years but after a minimum one year from the date of grant of such PSUs. The exercise period would commence from the date of vesting of PSUs and expire at the end of four years from the date of vesting of PSUs. “These PSUs shall vest subject to the grantee’s continued employment with the company and the company achieving predetermined performance metrics as per the company’s standalone audited financials,” InterGlobe Aviation said.
Elbers joined IndiGo, India’s largest airline, in September, replacing Ronojoy Dutta who retired from the post. Elbers previously served as president and CEO of KLM Dutch Airlines.
The first full quarter under Elbers saw InterGlobe report its highest-ever quarterly net profit in the December quarter helped by record
revenues. The Delhi-based company posted a 10-fold jump in consolidated profits to Rs 1,420 crore year-on-year.