ICICI Bank 2016 Annual Report Download - page 56

54
Directors’ Report
Annual Report 2015-2016
The BGRNC at its Meeting held on April 28, 2016 approved a grant of approximately 34 million options for scal 2016 to
eligible employees and wholetime Directors of ICICI Bank and its subsidiaries (options granted to wholetime Directors of
ICICI Bank being subject to RBI approval). Each option confers on the employee a right to apply for one equity share of
face value of ` 2 of ICICI Bank at ` 244.60 which was the closing price on the stock exchange which recorded the highest
trading volume in ICICI Bank shares on April 27, 2016. The grant price is calculated as per the SEBI regulations.
Particulars of options granted by ICICI Bank upto April 28, 2016 are given below:
Options granted till April 28, 2016 (excluding options forfeited/lapsed) 423,619,395
Options forfeited/lapsed 61,946,430
Options vested 329,304,290
Options exercised 200,135,180
Total number of options in force 223,484,215
Number of shares allotted pursuant to exercise of options 200,135,180
Extinguishment or modication of options Nil
Amount realised by exercise of options (`)14,716,308,943
Note:
For details on option movement during the year refer Financials-Schedule 18-Employee Stock Option Scheme. 31,838,150 options
vested during FY2016 and ` 2,824,199,624 was realised by exercise of options during FY2016.
The following Key Managerial Personnel (other than wholetime Directors) and Senior Management Personnel were
granted ESOPs in the range of 64,600-495,000, aggregating to 3,361,150 in April 2016. This excludes special grant of
stock options approved by RBI in November 2015.
Sr. No. Name Grade
1. Vijay Chandok Executive Director (Designate) subject to RBI approval
2. Rakesh Jha Group Executive (Chief Financial Ofcer)
3. Maninder Juneja Group Executive
4. Shilpa Kumar Group Executive
5. Sanjay Chougule Senior General Manager
6. K. M. Jayarao Senior General Manager
7. Anita Pai Senior General Manager
8. T. K. Srirang Senior General Manager
9. Sujit Ganguli Senior General Manager
10. Anirudh Kamani Senior General Manager
11. Anil Kaul Senior General Manager
12. Kusal Roy Senior General Manager
13. Anup Kumar Saha Senior General Manager
14. P. Sanker Senior General Manager (Company Secretary)
15. Supritha Shirish Shetty Senior General Manager
16. Saurabh Singh Senior General Manager
17. G. Srinivas Senior General Manager
18. Rahul Vohra Senior General Manager
No employee was granted options during any one year equal to or exceeding 0.05% of the issued equity shares of ICICI
Bank at the time of the grant.
The diluted earnings per share (EPS) pursuant to issue of shares on exercise of options calculated in accordance with
AS-20 was ` 16.65 in scal 2016 compared to basic EPS of ` 16.75. The Bank recognised a compensation cost of ` 0.8
million in scal 2016 based on the intrinsic value of options. However, if the Bank had used the fair value of options based