HDFC Bank announced that the Nomination and Remuneration Committee of the Bank has on January 24, 2023 granted 52,700 equity stock options of the face value of Re. 1, via an exchange filing.
Each share is at the grant price of Rs. 1,673.10 in terms of the ESOP Master Scheme ESOS - Plan G-2016, pursuant to the applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The grant shall be subject to the necessary regulatory approvals as may be required.
Vesting of the options shall happen in four stages as under:
• 25% of the options granted (rounded off to the nearest 100) shall vest on completion of twelve months from the date of grant i.e. on January 24, 2024;
• 25% of the options granted (rounded off to the nearest 100) shall vest on completion of twenty-four months from the date of grant i.e. on January 24, 2025;
• 25% of the options granted (rounded off to the nearest 100) 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 options need to be exercised within a period of four years from the respective dates of their vesting, failing which, they shall lapse forthwith.
The options have been granted under the Scheme titled “ESOS 43” in terms of SEBI Regulations as amended from time to time.
