CSB Bank has allotted 21,536 stock options to its eligible employees on Thursday, 14, December, 2023. The allotment comes under its CSB Employee Stock Option Scheme 2019, and is approved by the Nomination & Remuneration Committee of its Board of Directors.
Each equity share carries a nominal value of Rs 10.
The recent stock options entitle all the employees to acquire 21,536 fully paid-up equity shares of the bank, each with a face value of Rs 10. The exercise price for these options is set at Rs 398.70 per share, according to the regulatory filing.
The implementation of the scheme was formulated and approved by the bank’s shareholders in accordance with the Share Based Employee Benefits (SEBI) Regulations, 2014. Additionally, the filing outlines the timeframe for exercising these options, permitting their exercise within three years from the vesting date, provided the individual remains in continuous employment or service. In the event of separations, the exercise period will adhere to the guidelines stipulated in the scheme.
The vesting schedule for the allocated stock options is outlined as follows: Initially, 25 per cent of the granted options (rounded off to the nearest 100) are set to vest on 14 December , 2024, marking 12 months from the date of the grant. Another 25 per cent is scheduled to vest on 14, December, 2025, corresponding to 24 months from the grant date.
Following this, an additional 25 per cent will vest on 14 December, 2026, completing 36 months from the grant date. The remaining options are slated to vest on 14 December, 2027, culminating in 48 months from the initial grant date.