ICICI board has approved grant of 3,205,000 options for fiscal 2001 to its own employees as well as those of its subsidiaries.
Till date the total number of shares covered by the employee stock option scheme (ESOS) as approved by the financial institution's shareholders is 39,265,577.
The financial institution's board had granted approval for the options on May 3 following recommendations of its board of governance and remuneration committee.
Each option confers on the employee a right to apply for one equity share of Rs 10 of ICICI at Rs 82, the closing market price on the date of the grant (May 3) on the National Stock Exchange, which recorded the highest trading volume in the scrip on that date.
The option is vested with the employees in a graded manner over three years, with 20 per cent, 30 per cent and 50 per cent of the grants vesting at the end of each year from the date of grant. The options can be exercised within 10 years from the date of the grant or five years from the date of vesting, whichever is earlier.
Options granted to senior managerial personnel for each of the fiscal years 2000 and 2001 are - K V Kamath (1,20,000), Lalita D Gupte (1,10,000), S H Bhojani (1,00,000). Sanjiv Kerkar, Kalpana Morparia, S Mukherji, Shikha Sharma and Devdatt Shah were granted 60,000 options each in each of the two fiscal years. Nachiket Mor, Chanda Kochhar, Ramni Nirula and V Srinivasan were each granted 30,000 options in 2000 and 60,000 options in 2001. M J Subbaiah, who retired on July 10, 2000, was also granted 60,000 options for fiscal 2000.
The financial institution, in its annual report for 2000-01, said no other employee has a grant, in any one year, of options amounting to 5 per cent or more of total options granted during that year.
Till date the number of options granted stands at 8,451,250 while the number of options vested is 12,08,200. The number of options exercised is 33,900 and those forfeited is 3,37,750. The total number of options in force currently stands at 8,079,600.
