ICICI Bank 2013 Annual Report Download - page 158

F80
forming part of the Consolidated Accounts (Contd.)
schedules
If ICICI Bank had used the fair value of options based on binomial tree model, compensation cost in the year
ended March 31, 2013 would have been higher by ` 1,865.9 million and proforma profit after tax would have been
` 81.39 billion. On a proforma basis, ICICI Bank’s basic and diluted earnings per share would have been ` 70.58 and
` 70.32 respectively. The key assumptions used to estimate the fair value of options granted during the year ended
March 31, 2013 are given below.
Risk-free interest rate .......................................................................................................................... 7.99% to 8.87%
Expected life ........................................................................................................................................ 6.35 years
Expected volatility ............................................................................................................................... 48.99% to 49.55%
Expected dividend yield ..................................................................................................................... 1.52% to 1.96%
The weighted average fair value of options granted during the year ended March 31, 2013 is ` 434.91 per option
(March 31, 2012: ` 592.52).
A summary of the status of the Bank’s stock option plan is given below.
`, except number of options
Stock options outstanding
Year ended March 31, 2013 Year ended March 31, 2012
Particulars
Number of
options
Weighted
Average
Exercise Price
Number of
options
Weighted
Average
Exercise Price
Outstanding at the beginning of the year ....................... 23,199,545 846.94 20,529,387 779.72
Add: Granted during the year ......................................... 4,450,200 844.53 4,060,600 1,104.82
Less: Lapsed during the year, net of re-issuance .......... 802,019 929.35 448,372 798.77
Less: Exercised during the year ...................................... 867,273 511.63 942,070 510.94
Outstanding at the end of the year ................................. 25,980,453 855.18 23,199,545 846.94
Options exercisable ......................................................... 13,597,383 793.57 12,019,655 745.26
In terms of the Scheme, 25,980,453 options (March 31, 2012: 23,199,545 options) granted to eligible employees were
outstanding at March 31, 2013.
A summary of stock options outstanding at March 31, 2013 is given below.
Range of exercise price
(` per share)
Number of shares
arising out of
options
Weighted average
exercise price
(` per share)
Weighted average
remaining
contractual life
(Number of years)
105-299 12,675 132.05 0.07
300-599 5,229,338 470.26 3.35
600-999 16,827,750 917.10 6.66
1,000-1,399 3,910,690 1,105.80 8.06
A summary of stock options outstanding at March 31, 2012 is given below.
Range of exercise price
(` per share)
Number of shares
arising out of
options
Weighted average
exercise price
(` per share)
Weighted average
remaining
contractual life
(Number of years)
105-299 28,925 132.05 1.07
300-599 6,048,620 471.10 4.35
600-999 13,122,000 942.79 6.80
1,000-1,399 4,000,000 1,106.03 9.04
The options were exercised regularly throughout the period and weighted average share price as per NSE price volume
data during the year ended March 31, 2013 was ` 1,000.21 (March 31, 2012: ` 922.76).