CSB Bank on Thursday announced that the Nomination & Remuneration Committee of the Board of Directors of the Bank in its meeting held on today, has approved grant of 21,536 stock options to an eligible employee of the Bank under CSB Employee Stock Option Scheme 2019, exercisable into not more than 21,536 equity shares of face value of Rs 10 each fully paid-up of the Bank, at an exercise price of Rs 398.70 per equity share, zccording to the regulatory filing,
The face value of the equity shares is Rs 10 each.
The Scheme has been formulated and approved by the Shareholders of the Bank pursuant to the provisions of the SEBI (Share Based Employee Benefits) Regulations, 2014 which has been replaced by the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.
The stock options shall vest, as under:
(i) 25 per cent of the options granted (rounded off to the nearest 100) shall vest on completion of 12 months from the grant date i.e. on December 14, 2024
(ii) 25 per cent of the options granted (rounded off to the nearest 100) shall vest on completion of 24 months from the grant date i.e. on December 14, 2025
(iii) 25 per cent of the options granted (rounded off to the nearest 100) shall vest on completion of 36 months from the grant date i.e. on December 14, 2026
(iv) Balance options granted shall vest on completion of 48 months from the grant date i.e. on December 14, 2027.
Time within which Option may be exercised
Exercise period while continuing employment/ service will be within 3 years from the date of vesting. Exercise period in case of separations will be as per the Scheme, said via the filing.
CSB Bank shares
The shares of CSB Bank on Thursday at 11:46 am IST were trading at Rs 400.25, up by 0.39 per cent.
