The Nomination and Remuneration Committee of the Kolkata-headquartered Bandhan Bank granted employee stock options (ESOPs) at a face value of Rs 10 each. The total stock options available for grant to eligible employees are 40,500 Bandhan Bank shares at the grant price of Rs 242.10 per option.
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The bank informed the exchanges in a recent filing, “Pursuant to the applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that the Nomination and Remuneration Committee of the Bank has, on February 17, 2023, granted 40,500 equity stock options of the face value of Rs 10 each, at the grant price of Rs 242.10 per option to the eligible employees of the Bank.”
Here’s what you need to know about Bandhan Bank ESOPs:
1. 40,500 ESOPs have been granted by the Nomination and Remuneration Committee of the Bank to the eligible employee of the Bank under Bandhan Bank the fifth tranche of the Employee Stock Option Plan- Series 1.
2. Eligible employees can get these shares at face value of Rs 10 per each and a grant price of Rs 242.10 per option.
3. Each stock option carries the right to apply for and be allotted one equity share of the face value of Rs 10 each.
4. The Bandhan Bank ESOP Series 1 has been formulated and approved by the bank’s shareholders in keeping with the relevant SEBI provisions.
5. Employees can vest these shares as 25 per cent of the options on completion of one year from the date of grant, 25 per cent of the options on completion of two years from the date of grant, 25 per cent of the options on completion of three years from the date of grant, and 25 per cent of the options on completion of four years from the date of grant.
6. Employees can exercise the options within a minimum of five years from the date of vesting of options.
