ICICI Bank 2008 Annual Report Download - page 146

F72
The following are the balances payable to/receivable for key management personnel as on March 31, 2008.
Rupees in million
Items As on March 31, 2008 As on March 31, 2007
Deposits ............................................................................................... 27.1 51.6
Advances .............................................................................................. 13.9 20.6
Investments.......................................................................................... 8.6 14.0
Employee Stock Options Outstanding*(Nos.) ..................................... 2,860,625 1,920,000
Employee Stock Options Exercised .................................................... 138.1 459.2
* During the year ended March 31, 2008, 317,125 employee stock options were exercised by the key management personnel of the Bank
(March 31, 2007: 1,884,750).
The following are the balances payable to/receivable for relatives of key management personnel as on March 31, 2008.
Rupees in million
Items As on March 31, 2008 As on March 31, 2007
Deposits ........................................................................ 14.1 28.1
Investments................................................................... 0.5 0.1
The following balances represent the maximum balance payable to/receivable from key management personnel during the
year ended March 31, 2008.
Rupees in million
Items Year ended March 31, 2008 Year ended March 31, 2007
Deposits ........................................................................ 71.4 69.7
Advances ....................................................................... 28.1 20.8
Investments................................................................... 10.8 14.0
The following balances represent the maximum balance payable to/receivable from relatives of key management personnel
during the year ended March 31, 2008.
Rupees in million
Items Year ended March 31, 2008 Year ended March 31, 2007
Deposits ........................................................................ 22.5 59.3
Investments................................................................... 1.6 0.1
5. Employee stock option scheme (“ESOS”)
In terms of the ESOS, as amended, the maximum number of options granted to any eligible employee in a financial year
shall not exceed 0.05% of the issued equity shares of the Bank at the time of grant of the options and aggregate of all such
options granted to the eligible employees shall not exceed 5% of the aggregate number of the issued equity shares of the
Bank on the date(s) of the grant of options. Under the stock option scheme, options vest in a graded manner over a four-
year period, with 20%, 20%, 30% and 30% of grants vesting each year, commencing from the end of 12 months from the
date of grant. The options can be exercised within 10 years from the date of grant or five years from the date of vesting,
whichever is later.
In terms of the scheme 15,638,152 options (March 31, 2007: 13,187,783 options) granted to eligible employees were
outstanding at March 31, 2008.
As per the scheme, the exercise price of ICICI Bank’s options is the last closing price on the stock exchange, which recorded
highest trading volume preceding the date of grant of options. Hence, there is no compensation cost in the year ended
March 31, 2008 based on intrinsic value of options. However, if ICICI Bank had used the fair value of options based on the
Black-Scholes model, compensation cost for the year ended March 31, 2008 would have been higher by Rs. 1,259.9 million
and proforma profit after tax would have been Rs. 40,317.4 million. On a proforma basis, ICICI Bank’s basic and diluted
forming part of the Consolidated Accounts (Contd.)
schedules
ICICI_BK_AR_2008_(F47_F92).indd 72ICICI_BK_AR_2008_(F47_F92).indd 72 6/20/08 3:32:36 PM6/20/08 3:32:36 PM