Board grants 5,30,916 stock options to MD & CEO under SIB ESOS Scheme-2008
The Board on September 25, 2026 approved the grant of 5,30,916 options to MD & CEO Sri.
- Options Granted
- 5,30,916 options
- Exercise Price
- Rs.23.54
- Market Price (NSE, 23-09-2026)
- Rs. 47.08
- Discount to Market Price
- 50%
- Vesting Schedule
- 30% after 12 months, 30% after 24 months, 40% after 36 months; exercisable within 5 years
What was decided
The Board of Directors met on September 25, 2026 and decided to grant 5,30,916 options to Sri. P R Seshadri, Managing Director & CEO, under the SIB ESOS Scheme-2008. This is Tranche 22, recommended by the Nomination and Remuneration Committee and approved by the Board.
The grant is in compliance with non-cash variable pay for the Financial Year 2025-26 approved by the Reserve Bank of India by letter dated September 16, 2026, and follows the terms of appointment approved by shareholders.
Pricing
- Exercise price: Rs.23.54, being a 50% discount on market price
- Market price used: Rs. 47.08, the NSE closing price on 23-09-2026
- Option premium determined under the Black Scholes Model: Rs 32.72 per option
- Number of options computed as per the Black-Scholes option pricing model under extant RBI guidelines
Vesting and exercise
- 30% vests after completion of 12 months from the date of grant
- 30% vests after completion of 24 months from the date of grant
- 40% vests after completion of 36 months from the date of grant
- Options may be exercised within 5 years from the vesting date
- Lapse of options will be as per the SIB ESOS Scheme 2008
Share impact
If exercised fully, the options would result in 5,30,916 shares of face value Re.1 each. No options have been exercised yet, so no money has been realised at this stage.
Who else
No options were granted to the Part-time Chairman or the other Non-Executive Directors of the Bank.
How to read this
Employee stock options link part of senior management pay to future share performance rather than cash today. For shareholders, the point to track is the potential new shares that can come into existence when options are exercised, spread over the vesting timeline above. The Board Meeting commenced at 10.30 am and concluded at 06:30 p.m.
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More numbers
- Options granted to MD & CEO5,30,916 options
- Shares if fully exercised5,30,916 shares
- Face value per shareRe.1
- Exercise priceRs.23.54
- Market price usedRs. 47.08
- Discount to market price50%
- Option premium (Black Scholes)Rs 32.72 per option
- Vesting after 12 months30%
- Vesting after 24 months30 %
- Vesting after 36 months40 %
- Exercise window from vestingWithin 5 years
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