Equitas Small Finance Bank Limited has informed the Exchange regarding Notice of Postal Ballot through e-voting
EQUITASBNK · price
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Equitas Small Finance Bank has issued a postal ballot notice seeking shareholder approval through e-voting (from May 17, 2025 to June 15, 2025) for two resolutions. The first is the appointment of Mr. Balaji Nuthalapadi (52, IIM Ahmedabad alumnus with 28+ years at Citi) as Whole Time Director (Executive Director) for three years from March 29, 2025 to March 28, 2028. The second is the approval of his compensation: fixed pay of INR 2.40 crore, variable pay up to INR 2.40 crore (including INR 0.80 crore cash and INR 1.60 crore ESOPs), plus a joining ESOP grant of 15,87,476 options at INR 66.97 per option valued at INR 3.40 crore. The appointment has already received RBI approval in December 2024 and he has been functioning as Additional Director since March 29, 2025; his last drawn remuneration was Rs. 4.1 crore. The cut-off date for voting eligibility is May 9, 2025.
Shareholders are being asked to formally ratify an already-effective executive appointment and pay structure that complies with RBI compensation norms. With prior RBI and board approvals already in place, the resolutions are procedural in nature and unlikely to materially affect the stock price.