Bandhan Bank rewards employees with stock options. 5 key details you should know

Notifying Indian Exchanges about Stock Options Grant, bandhan bank said, “In accordance with the applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI LODR’), we wish to inform that the Nomination and Remuneration Committee of the Bank has approved on February 17, 2023. 40,500 Equity Stock Options of face value of Rs.10 each (‘ESOPs’) at a grant price of Rs.242.10 (Two Hundred Forty Two and Ten Paise Only) to eligible employees of the Bank.

Here we list 5 important details that you must know:

1]Brief description of the options provided: 40,500 ESOP granted by the Nomination and Remuneration Committee of the Bank to the eligible employee of the Bank under ‘Bandhan Bank Employees Stock Option Scheme – Series 1’ – Part 5.

2]Total number of shares covered by these options: 40,500 Equity Shares of Rs. 10 each bank. Each Stock Option carries the right to exercise and be allotted 1 (one) Equity Share of face value of Rs. 10 each bank.

3]Pricing Formula: As per the provisions of SEBI SBEBSE and ESOP Series 1, the ESOPs are offered at the latest available closing price prevailing on the National Stock Exchange of India Limited, being the stock exchange which recorded the highest trading volume in the equity shares of the Bank. Thursday, February 16, 2023, being the last business day immediately preceding the date on which the Nomination and Remuneration Committee approves the grant of options.

4]Time within which the option can be exercised: The exercise period will be a maximum of five years from the date of vesting of the options.

5]Inherent Option: The above ESOPs shall vest as follows:

a) 25% of the options granted shall vest on completion of one year from the date of grant;

b) 25% of the options granted shall vest on completion of two years from the date of grant;

c) 25% of the options granted shall vest on completion of three years from the date of grant; And

d) 25% of the options granted shall vest on completion of four years from the date of grant.