Let me try to answer your questions:
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On ESOP exercise price: If you read enough about company - you will get idea that management tries its best to smooth out earning/quarter like taking provision/playing catch up when had unusal earning and taking profit from reserve if there is shortfall. To avoid any cost to PnL - company issued ESOP at market price so it will not have any impact on PnL as exercise price = market price. it also help to show less employee cost. Hope it gives you gist of the matter.
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As employee eagerly waiting to encash their quasi salary so you can see seeing them selling share as soon as they get vested. I do not think except Gagan any employee selling their share to buy more ESOP (you can verify downloading report from BSE side (bulk deal for last 3 months - put filter on employee name so you can see what he acquired as part of ESOP and what he has sold). I have done this exercise last months come and it is visible that employees are selling as long as Gagan name does not appear in selling list, we should be okay. Thanks!
Disl. Holding it. May be biased.
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