Britannia MD Vinita Bali exercises stock options in Piramal Glass

She has been an independent director on Piramal Group's board of directors since mid-2007

Vinita Bali, managing director (MD), Britannia Industries, has exercised her stock options to buy shares in publicly-held Piramal Glass, part of the diversified Piramal Group.

She has been an independent director on Piramal Group's board since mid-2007. In a regulatory disclosure, Piramal Glass said on Thursday Bali held 22,500 shares. She exercised the options at Rs 40-41 a share, while the stock was quoting at Rs 105 a share on the National Stock Exchange.

Her move comes when there is speculation she might be on the way out of Britannia, paving the way for Varun Berry, executive director. She said, "It is simple. I have been on the Piramal board for several years and had options to exercise like other members, which I have done."

Bali has 400,000 shares in Britannia, worth Rs 36 crore.

Her exercise of options in Piramal Glass comes soon after the company decided to take itself private, with an indicative price of Rs 100 a share. It is involved in glass-packaging solutions and caters globally to perfumery and pharmaceutical companies.