Yes, you have to state the exercise price when granting ESOP but the exact exercise price can vary from employee to employee. Some companies may choose to keep the exercise price as the face value of the share. Some other companies may choose to keep the exercise price as a discount to the last round of funding, for example, if the share price in the last round was INR 200, the exercise price may be kept as a 30% discount i.e. INR 140 per option.
Here’s a blog on cashing out ESOPs.