ICICI Bank 2011 Annual Report Download - page 157

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F79
forming part of the Consolidated Accounts (Contd.)
ICICI Life:
ICICI Prudential Life Insurance Company has formulated various ESOS schemes, namely Founder I, Founder II, 2004-05,
2005-06, 2006-07 and 2007-08.
For ICICI Prudential Life Insurance Company there is no compensation cost for the year ended March 31, 2011 based on the
intrinsic value of options. If the entity had used the fair value of options based on the binomial tree model, compensation
cost for the year ended March 31, 2011 would have been higher by ` 90.4 million (March 31, 2010: ` 175.1 million).
The following table sets forth, the key assumptions used to estimate the fair value of options granted during the year ended
March 31, 2011.
Risk-free interest rate .............................................................................................................. 6.87%-8.00% p.a.
Expected life ............................................................................................................................ 3-5 years
Expected volatility ................................................................................................................... 28.65% p.a.
Expected dividend yield .......................................................................................................... 1.50% p.a.
The following table sets forth, for the periods indicated, a summary of the status of the stock option plan of ICICI
Prudential Life Insurance Company.
Stock options outstanding
Year ended March 31, 2011 Year ended March 31, 2010
Particulars Number of
shares
Weighted
average
exercise
price
Number of
shares
Weighted
average
exercise
price
Outstanding at the beginning of the year ........ 14,827,086 210.73 16,609,012 199.72
Add: Granted during the year ........................... – – – –
Less: Forfeited/lapsed during the year ............. 943,666 257.84 896,336 147.79
Less: Exercised during the year ....................... 318,266 65.18 885,590 67.95
Outstanding at the end of the year ................... 13,565,154 210.87 14,827,086 210.73
Options exercisable ........................................... 8,768,885 161.34 5,614,986 136.69
`, except number of options
The following table sets forth, summary of stock options outstanding of ICICI Prudential Life Insurance Company at
March 31, 2011.
Range of exercise price (` per share) Number of shares
arising out of
options (Number
of shares)
Weighted average
exercise price
(` per share)
Weighted average
remaining contractual
life (Number of years)
30-400 13,565,154 210.87 6.11
ICICI General:
ICICI Lombard General Insurance Company has formulated various ESOS schemes to their employees. There is no
compensation cost for the year ended March 31, 2011 based on the intrinsic value of options. If the entity had used the
fair value of options based on the binomial tree model, compensation cost for the year ended March 31, 2011 would
have been higher by ` 67.5 million (March 31, 2010: ` 37.6 million).
The following table sets forth, the key assumptions used to estimate the fair value of options granted during the year
ended March 31, 2011.
Risk-free interest rate .............................................................................................................. 5.79%-8.17% p.a.
Expected life ............................................................................................................................ 3-7 years
Expected volatility ................................................................................................................... 17.00%-84.89% p.a.
Expected dividend yield .......................................................................................................... 0.80%-2.85% p.a.
schedules