HDFC Bank announced grant of restricted stock units at a face value of Re.1 each

The shares are convertible into one equity share each of the Bank upon vesting and exercise in terms of the Employees’ Stock Incentive Master Scheme, 2022

FPJ Web DeskUpdated: Wednesday, January 25, 2023, 01:13 PM IST
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HDFC Bank announced grant of restricted stock units at a face value of Re.1 each | Image: HDFC (Representative)

HDFC Bank announced that the Nomination and Remuneration Committee of the Bank has on January 24, 2023 granted the following restricted stock units of face value of Re.1 each at the grant price of Re. 1, the Bank said in an exchange filing.

The shares are convertible into one equity share each of the Bank upon vesting and exercise in terms of the Employees’ Stock Incentive Master Scheme - 2022:

1. RSU 002 - 5,430

2. RSU 003 - 23,810

The grants shall be subject to the necessary regulatory approvals as may be required.

Vesting of the units shall happen in four stages as under:

• 25% of the units granted (rounded off to the nearest 10) shall vest on completion of twelve months from the date of grant i.e. on January 24, 2024;

• 25% of the units granted (rounded off to the nearest 10) shall vest on completion of twenty-four months from the date of grant i.e. on January 24, 2025;

• 25% of the units granted (rounded off to the nearest 10) shall vest on completion of thirty-six months from the date of grant i.e. on January 24, 2026;

• Balance units shall vest on completion of forty-eight months from the date of grant i.e. on January 24, 2027

The vested units need to be exercised within a period of one year from the respective dates of their vesting, failing which, they shall lapse forthwith.

The units have been granted under the Schemes titled “RSU 002” & “RSU 003” as mentioned above, in terms of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 as amended from time to time.

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