IndusInd Bank Announces Equity Shares To Employees As Stock Options

IndusInd Bank on Friday announced the allotment of 2,19,459 equity shares of Rs 10 each on September 7, 2023 to those grantees who had exercised their option under the Company’s Employee Stock Option Scheme, the company announced through an exchange filing.

The face value of the equity shares is Rs 10 each.

The said shares will rank pari-passu with the existing shares of the Company in all respect.

IndusInd Bank Shares

The shares of IndusInd Bank on Friday at 11:55 am IST were at Rs 1,447, up by 0.51 percent.

Prior ESOPs

Earlier on Wednesday, IndusInd bank announced that the Compensation and Nomination & Remuneration Committee had approved grant of 1,12,500 Stock Options (convertible into 1,12,500 Equity shares of the Bank, upon exercise) to 8 Eligible Employees in terms of the ESOP Scheme ( 6 new joinees and 2 existing employees in IBL & BFIL. The main terms of the grant are mentioned:

i) Grant Price: Rs 1,423.75 per share (Close Price on NSE on Tuesday, September 5, 2023, viz., previous trading day’s Close Price at the Stock Exchange having the highest trading volume).

ii) Vesting Period: 3 years from date of grant, spread at 33 percent, 33 percent and 34 percent at the intervals of one year from the date of grant.

iii) Exercise Period: 5 years from date of vesting.