Over 47 lakh shares in ICICI Bank owned by top nine employees

Posted: Monday, Jun 18, 2007 at 0000 hrs IST
Updated: Monday, Jun 18, 2007 at 0000 hrs IST

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Mumbai, Jun 17: ICICI Bank's top management, including managing director KV Kamath, enjoys stock options worth Rs 435 crore by way of 47.5 lakh shares granted under ESOP scheme till March this year.

The Employee Stock Option Scheme (ESOS) of ICICI Bank allows a maximum of 0.05% of issued shares in stock option to any employee in a financial year, according to the draft prospectus filed by the bank for its public issue with SEBI.

The aggregate of all such options was a maximum of 5% of total issued equity shares. Thus, ICICI had option to allocate shares worth Rs 4,041.5 crore in stock options as per bank's market cap of Rs 81,660 crore on last Friday.

Indian investors own 28.87% shares in the bank, while foreign investors have 71.13% stake.

The bank had 40.37 million shares worth Rs 3,665 crore granted in stock option under ESOS to employees at the end fiscal 2007 as against a total of 90.28 crore shares issued.

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