ICICI Bank 2003 Annual Report Download - page 154

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F90
(Rs. in millions)
Year ended March 31, 2002
ICICI Infotech
Option shares Range of exercise Weighted average Weighted average
outstanding prices and grant exercise price and remaining contractual
date fair values grant date fair values life (months)
Outstanding at the beginning of the year 2,241,400 37.5 37.5 108
Granted during the year 1,974,800 68.0 68.0 99
Forfeited during the year (342,960) 37.5-68.0 42.0 —
Exercised during the year (10,220) 37.5 37.5 —
Outstanding at the end of the year 3,863,020 37.5-68.0 52.7 104
Exercisable at the end of the year 369,448 37.5 37.5 —
(Rs. in millions)
Year ended March 31, 2003
ICICI Infotech
Option shares Range of exercise Weighted average Weighted average
outstanding prices and grant exercise price and remaining contractual
date fair values grant date fair values life (months)
Outstanding at the beginning of the year 3,863,020 37.5-68.0 52.7 104
Granted during the year 783,500 68.0-100.0 97.1 108
Forfeited during the year (435,360) 37.5-100.0 59.1 —
Exercised during the year (10,200) 37.5-68.0 55.7 —
Outstanding at the end of the year 4,200,960 37.5-100.0 60.3 75
Exercisable at the end of the year 1,235,070 37.5-100.0 46.2 87
ICICI Venture
In July 2000, ICICI Venture, a consolidated subsidiary, approved an Employee Stock Option Plan (Venture Plan). As of
March 31, 2001, 78,900 options with an exercise price of Rs.835per share were outstanding. The Company did not
record compensation cost, as the exercise price was equal to the fair value of the underlying equity shares on the grant
date. During the year ended March31, 2002, the Venture Plan was discontinued and all the options outstanding were
voluntarily forfeited by the employees. The Company does not intend to replace such cancelled options.
ICICI OneSource Limited
In September 2002, ICICI OneSource, a consolidated subsidiary, approved an Employee Stock Options Plan (OneSource
plan). Under the OneSource Plan, ICICI OneSource is authorized to issue equity shares up to 10% of the share capital
to the employees. Eligible employees are granted an option to purchase shares subject to vesting conditions. The options
vest in a graded manner over 4 years with 25% at the end of the first year and 12.5% of the options vesting at the end
of each subsequent six month period. The options can be exercised within 10 years from the date of the grant.
Stock option activity under the above stock option plan is set out below:
(Rs. in millions)
Year ended March 31, 2003
ICICI OneSource Limited
Option shares Range of exercise Weighted average Weighted average
outstanding prices and grant exercise price and remaining contractual
date fair values grant date fair values life (months)
Outstanding at the beginning of the year — — — —
Granted during the year 4,250,000 11.3 11.3 113
Forfeited during the year (395,000) 11.3 11.3 —
Exercised during the year — — — —
Outstanding at the end of the year 3,855,000 11.3 11.3 113
Exercisable at the end of the year — — — —
Continued
notes to the consolidated financial statements