ESAF Small Finance Bank Limited has informed the Exchange regarding Outcome of Board Meeting held on May 16, 2025 - Appointment of Secretarial Auditors, Reappointment of CFO and Grant of ESOPs.
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The Board of ESAF Small Finance Bank, at its meeting on May 16, 2025, approved three key items. First, M/s. SEP & Associates, a Kochi-based firm of Company Secretaries, has been appointed as the Bank's Secretarial Auditor for five consecutive years (FY 2025-26 to FY 2029-30), pending shareholder approval. Second, current CFO Shri. Gireesh C.P., who is set to retire on May 31, 2025, has been reappointed on a 3-year contract basis effective June 1, 2025, ensuring continuity in financial leadership. Third, the Bank granted 9,64,196 stock options to eligible employees under the ESAF ESOP Scheme 2019, exercisable at Rs. 10 per share (face value) or with a 75% discount on market price, whichever is higher, with a 1-year vesting period.
Continuity at the CFO level provides stability, while the ESOP grant (about 9.64 lakh shares) signals employee retention efforts and may cause minor future dilution. The new secretarial auditor appointment is a routine compliance matter pending shareholder nod at the upcoming AGM.