ICICI Bank 2003 Annual Report Download - page 153

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F89
(Rs. in millions)
Year ended March 31, 2002
ICICI Bank 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 2,546,675 171.0-266.8 226.0 109
Granted during the year 4,887,500 105.0-164.0 134.4 116
Forfeited during the year (417,675) 164.0-266.8 218.4 —
Exercised during the year (700) 171.0 171.0 —
Outstanding at the end of the year 7,015,800 105.0-266.8 162.6 114
Exercisable at the end of the year 74,300 171.0-266.8 205.6 —
(Rs. in millions)
Year ended March 31, 2003
ICICI Bank 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 7,015,800 105.0-266.8 162.6 114
Acquisitions 6,327,825 120.4-171.9 146.0 110
Forfeited during the year (730,350) 120.4-266.8 154.6
Exercised during the year (3,000) 105.0 105.0
Outstanding at the end of the year 12,610,275 105.0-266.8 154.7 98
Exercisable at the end of the year 5,222,317 52.5-266.8 169.9 —
ICICI Infotech
In April 2000, ICICI Infotech approved an Employee Stock Option Plan (Infotech Plan). Under the Infotech Plan, ICICI
Infotech is authorized to issue up to 12million equity shares to its employees and employees of the parent
company. Eligible employees are granted an option to purchase shares subject to vesting conditions. The options
vest in a graded manner over 3 years with 20%, 30% and 50% of the options vesting at the end of each year. The
options can be exercised within 10 years from the date of the grant.
During the years ended March 31, 2001, 2002 and 2003, the Company has not recorded any compensation cost as the
exercise price was equal to the fair value of the underlying equity shares on the grant date. As shares of ICICI Infotech
are not quoted on exchanges, the fair value represents management’s best estimates considering all available factors.
Stock option activity under the above stock option plan is set out below:
(Rs. in millions)
Year ended March 31, 2001
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 — — — —
Granted during the year 2,344,800 37.5 37.5 108
Forfeited during the year (103,400) 37.5 — —
Exercised during the year — — — —
Outstanding at the end of the year 2,241,400 37.5 37.5 108
Exercisable at the end of the year — — — —
Continued
notes to the consolidated financial statements