ICICI Bank Allotts Shares Worth Rs 1.10 Lakh As Stock Options To Employees

ICICI Bank Allotts Shares Worth Rs 1.10 Lakh As Stock Options To Employees

The shares were allocated under the ICICI Bank Employees Stock Option Scheme 2000.

FPJ Web DeskUpdated: Tuesday, July 11, 2023, 12:55 PM IST
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ICICI Bank Allotts Shares Worth Rs 1.10 Lakh As Stock Options To Employees | Image: ICICI Bank (Representative)

ICICI Bank on Tuesday allotted 55,436 shares worth Rs 1,10,872 to employees as stock options, the company announced through an exchange filing. The shares were allocated under the ICICI Bank Employees Stock Option Scheme 2000.

ICICI Bank on July 4 had allotted 1,53,699 shares to employees as stock options.

Delisting of ICICI Securities

The bank last month announced that it will delist ICICI Securities to make it a wholly owned subsidiary of ICICI Bank. The company said that public shareholders that hold 100 equity shares would be given 67 equity shares of ICICI Bank.

Giving an explanation to the decision ICICI Bank said, "ICICI Securities is a low capital consuming business and the internal accruals are more than adequate to fund business growth. ICICI Bank is not expected to be required to make additional capital infusion into the company."

Another reason for the deslisting is that the securities broking business is inherently cynical and it is dependent on macro-economic environment and buoyancy in the equities market.

ICICI Bank shares

The shares of ICICI Bank on Tuesday afternoon at 12:47 pm IST were trading at Rs 948.45, up by 0.011 per cent.

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