ICICI Bank, one of India’s private sector banks, has recently announced ESOPs (employee stock option scheme), for its employees. Each of these shares carries a face value of Rs 2.
In an exchange filing on Tuesday, the bank revealed that it has allotted 1,65,242 equity shares to its employees under the ICICI Bank Employees Stock Option Scheme 2000. As for the current status of ICICI Bank’s shares, they were trading at Rs 916.55 at 11:37 am IST on Tuesday, experiencing a slight decline of 0.71 per cent.
Employee stock option schemes are a common practice in many companies, allowing employees to purchase shares of their company at a predetermined price within a specified time frame. These schemes serve as a way to incentivise and reward employees. By offering ownership in the company, employees are encouraged to contribute to its long-term success and align their interests with those of the shareholders.
Recently, Axis Bank also announced the allocation of equity shares to its employees as part of its stock option program. The bank allocated 2,13,903 equity shares with a face value of Rs 2 to all its staff. Moreover, many other companies across scetors like Nykka, Campus Activewear, Rebel Foods, and Just dial have also offered their employees stock option plans.