REG - Axis Bank Ltd Axis Bank Ltd (144A) - Approval of Grant of Stock Options

Axis BankAnnouncement

09/12/2021 13:20

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RNS Number : 1566V  Axis Bank Limited  09 December 2021

 

 

AXIS/CO/CS/475/2021-22

 

December 9, 2021

Dear Sir(s),

 

SUB:   APPROVAL OF GRANT OF STOCK OPTIONS BY THE NOMINATION AND REMUNERATION
COMMITTEE OF THE BOARD OF DIRECTORS OF AXIS BANK LIMITED ('THE BANK') ON
DECEMBER 9, 2021.

 

REF: REGULATION 30 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE
REQUIREMENTS) REGULATIONS, 2015 ("SEBI LISTING REGULATIONS")

 

This is to inform you that the Nomination and Remuneration Committee of the
Board of Directors of the Bank ("NRC") has today approved the grant of 28,000
stock options convertible into 28,000 equity shares of Rs. 2/- each of the
Bank at a price of Rs. 697.10/- per equity share of Rs. 2/- each, being the
latest available closing price prevailing on the National Stock Exchange of
India Limited (NSE) on Wednesday, December 8, 2021 i.e. the previous trading
day immediately preceding the date on which the grant was approved by the NRC,
to the eligible employee of the Bank, in terms of the Employee Stock Option
Scheme of the Bank - XXX formulated and adopted by the Bank, in terms of the
provisions of the SEBI (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021[Erstwhile SEBI (Share Based Employee Benefits) Regulations,
2014].

 

The said stock options carry the right to apply for and be allotted 1 (one)
equity share of face value of Rs. 2/- each of the Bank, the general terms and
conditions of the said grant are as under:-

 

a)   Brief details of options granted;

 

The Nomination and Remuneration Committee has approved the grant of 28,000
stock options to the eligible employee of the Bank.

 

b)   Whether the scheme is in terms of SEBI (Share Based Employee Benefits
and Sweat Equity) Regulations, 2021[Erstwhile SEBI (Share Based Employee
Benefits) Regulations, 2014]. (if applicable);

 

The said Employee Stock Option Scheme XXX has been formulated and adopted by
the Bank in terms of the SEBI (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021[Erstwhile SEBI (Share Based Employee Benefits) Regulations,
2014]

 

c)   Total number of shares covered by these options;

 

28,000 equity shares of Rs. 2/- each of the Bank.

d)   Pricing formula;

 

Granted at the latest available closing price prevailing on the National Stock
Exchange of India Limited ("NSE") being the Stock Exchange which recorded the
highest trading volumes in the equity shares of the Bank on Wednesday,
December 8, 2021 i.e. being the previous trading day immediately preceding the
date on which the grant of options was approved by the Nomination and
Remuneration Committee.

 

e)   Stock Options vested;

 

The said options shall vest, as under:-

 

·      At the end of 1 year from the date of grant - 30% of granted
options.

·      At the end of 2 years from the date of grant - 30% of granted
options.

·      At the end of 3 years from the date of grant - 40% of granted
options.

 

 

f)    Time within which option may be exercised;

 

The said options would have to be exercised by the concerned eligible Employee
of the Bank, within a period of 5 years from the date of respective vesting.

 

g)   Brief details of significant terms;

 

__

 

You are requested to take note of above and arrange to bring it to the notice
of all concerned.

 

Thanking You.

 

Yours Sincerely,

For Axis Bank Limited

 

 

 

Rajesh Dahiya

Executive Director (Corporate Centre)

 

 

 

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