PITTI ENGINEERING LIMITED — Capital/Financing Update 2025

Mar 13, 2025

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13[th ] March 2025

To, To, BSE Limited Floor 25, P J Towers, Dalal Street Mumbai – 400 001 Scrip Code: 513519 Scrip Code: PITTIENG

National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Bandra (E), Mumbai – 400 051

Dear Sir,

Sub: Grant of Employee Stock Options ***

Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that the Nomination and Remuneration Committee, at their meeting held on 13[th] March 2025, has approved the first grant of 7,87,500 employee stock options to the eligible employees under the ‘Pitti Engineering Limited Employees Stock Option Scheme 2024 (“Pitti ESOP Scheme 2024” or “Scheme”) at the exercise price of ₹ 736.72 to the eligible employees of the Company and its Subsidiaries out of the shareholder approved limit of 13,00,000 options.

The relevant details as required under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated 11[th] November 2024 is attached as Annexure-1.

Kindly take the same on record.

Thanking you, Yours faithfully, For Pitti Engineering Limited

Digitally signed by MARY MARY MONICA MONICA BRAGANZA BRAGANZA Date: 2025.03.13 19:53:36 +05'30'

Mary Monica Braganza Company Secretary & Chief Compliance Officer FCS 5532

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Annexure - 1

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The details as required to be disclosed under Regulation 30 read with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated 11[th] November 2024:

	he det	he det	ails as required to be	disclosed under Regulation 30 read with SEBI Circular No.	disclosed under Regulation 30 read with SEBI Circular No.	disclosed under Regulation 30 read with SEBI Circular No.
	EBI/H		O/CFD/PoD2/CIR/P/015	5 dated 11thNovember 2024:
S	.No	P	articulars		Disclosure Details
1	.	B	rief details of options gran	ted	The Nomination and Remuneration Committee haapproved the grant of 7,87,500 employee stock options to	s fr
					the eligible employees under the Pitti ESOP 2024 – Grant 1at the exercise price of₹736.72 to the eligible employees othe Company and its Subsidiaries out of the shareholdeapproved limit of 13,00,000 options.
2	.	WoBR	hether the scheme is in tf SEBI (Share Based EmpenefitsandSweatEqegulations,2021	ermsloyeeuity)	Yes
3	.	Tb	otal number of shares coy these options	vered	7,87,500 equity shares of₹5/- each of the Company.Each option carries the right to apply for and be allottedone equityshare of face value of₹5/- each of the Company	.
4.	.	P	ricing formula		The Exercise Price shall be decided by the Board oNomination and Remuneration Committee as is allowedunder the Companies Act and SEBI Regulations.
					The Nomination and Remuneration Committee havapproved an Exercise Price of₹736.72 for the first granafter considering a discount of 20% to the latest availableclosing price prevailing on the National Stock Exchange o

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S.No	Particulars	Disclosure Details
5.	Vesting Schedule	In terms of Pitti ESOP 2024 – Grant 1 and subject to the
		achievement of performance conditions as specified in the
		grant letter,options shall vest as under:
		Time Based OptionsPerformance based Options
		(TBO)(PBO)
		75% of Total Grants25% of Total Grants
		Vesting% ofVesting% of options
		PeriodoptionsPeriodVested
		Vested
		End of Year 1NilEnd of Year 1Nil
		End of Year 2NilEnd of Year 225%
		End of Year 315%End of Year 325%
		End of Year 415%End of Year 410%
		End of Year 515%End of Year 510%
		End of Year 615%End of Year 610%
		End of Year 720%End of Year 710%
		End of Year 820%End of Year 810%
6.	Time within which option may	The Option Grantee is entitled to Exercise the Options from
	be exercised	the first date of Vesting till the expiry of 5 years from the
		vestingof final tranche of thegranted options.
7.	Brief details of significant terms	The Scheme will be implemented and administered through
		trust route wherein a trust can either acquire the equity
		shares of the Company by way of secondary acquisition or
		the Company will issue shares to the Trust in accordance
		with the Scheme. Upon a valid exercise of a vested option
		by a participant, each vested option will entitle the
		participant to one equity share of the Company. There shall
		be a minimum period of one year between grant of options
		and vesting of options. Every grant of options shall be
		governed by a vesting schedule and such other terms, as
		determinedbytheNominationandRemuneration
		Committee and detailed in the letter of grant issued to the
		eligible employees at the time of eachgrant.

Note: The other requirements prescribed under Clause 10 of Part B of SEBI Circular no. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024 are not applicable.

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