Page 168 - FBL AR 2019-20

Fermenta Biotech Limited
Annual Report 2019-20

Notes to the Standalone financial statements for the year ended March 31, 2020

57 Investment properties (contd.)

Amount recognised in Standalone statement of profit and loss
( H in Lakhs )
Particulars March 31, 2020 March 31, 2019
Income from investment properties 1,505.54 1,349.81
Less: Direct operating expenses (including repairs and maintenance) generating income from 934.24 780.21
investment properties
Income arising from investment properties 571.30 569.60
Less: Depreciation (255.55) (260.17)
Income/(loss) arising from investment properties after depreciation 315.75 309.43

Refer note 44(B) for operating lease arrangements and total future minimum lease rentals receivable
Refer note 23 for the existence of restrictions on the realisability of investment property or the remittance of income and proceeds of disposal

58 Share-based payments
Employee share option plan of the Company
1.1 Details of the employee share option plan of the Company
This ESOP 2019 scheme has been framed pursuant to the Scheme of Amalgamation between the erstwhile Fermenta Biotech Limited
(Transferor Company) with DIL Limited (Transferee Company) and their respective shareholders. The Transferor Company prior to the Scheme
of Amalgamation had implemented the ‘Fermenta Biotech Limited - Employee Stock Option Plan 2019’ and were granted employee stock
options to its eligible employees. Further, the number of transferee options issued shall equal to the product of number of transferor options
outstanding on effectiveness of Scheme multiplied by the Share exchange ratio (0.398) and each transferee option shall have an exercise
price per equity share equal to transferor option exercise price per equity shares divided by the share exchange ratio (0.398) and fractions
rounded off to the next higher whole number. The terms and conditions of ESOP 2019 Scheme of DIL Limited are not less favourable than
those of ESOP Scheme of erstwhile Fermenta Biotech Limited. Under the ESOP 2019 Scheme, stock options have been issued to the eligible
employees of erstwhile Fermenta Biotech Limited (Refer note 1.2).
In accordance with the terms of the plan, as approved by the erstwhile shareholders of Fermenta Biotech Limited at an extra ordinary general
meeting, executives and senior employees with the Company were granted options to purchase equity shares.
Each employee share option converts into one equity share of the Company on exercise. No amounts are paid or payable by the recipient
on receipt of the option. The options carry neither rights to dividends nor voting rights. Options may be exercised at any time from the date
of vesting to the date of their expiry.
The number of options granted is calculated in accordance with the performance-based formula and is subject to approval by the remuneration
committee. The formula rewards executives and senior employees to the extent of the Company’s and the individual’s achievement judged
against both qualitative and quantitative criteria.

The following share-based payment arrangements were in existence during the current year:
( H in Lakhs )
Options series Number** Grant date Expiry date Exercise price Fair value at
grant date
Plan 1 (60% of options granted under ESOP 2019) 1,26,143 25.02.2019 and 25.02.2025 and 83.67 421.71
12.08.2019 12.08.2025
Plan 1 (20% of options granted under ESOP 2019) 42,047 25.02.2019 and 25.02.2026 and 83.67 421.71
12.08.2019 12.08.2026
Plan 1 (20% of options granted under ESOP 2019) 42,047 25.02.2019 and 25.02.2027 and 83.67 421.71
12.08.2019 12.08.2027
Plan 2 (100% of options granted under ESOP 2019) 2,17,410 25.02.2019 25.02.2025 83.67 418.22

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