The Nomination and Remuneration Committee has approved grant of ESOP to eligible employees of the Bank under IDFC FIRST Bank - ESOS 2015. Please find the enclosed attachment for detail enclosure.
Awaiting price reaction for this filing.
IDFC FIRST Bank's Nomination and Remuneration Committee approved the grant of 9,00,000 stock options to eligible employees under the 'IDFC FIRST Bank - Employee Stock Option Scheme (ESOS 2015)'. The exercise price has been fixed as per SEBI's stock-based benefit rules. These options will vest equally over four years (25% per year), and employees get a 3-year window to exercise them once vested. This is a routine employee incentive announcement made under SEBI disclosure norms.
This is a standard ESOP grant and is unlikely to have any material impact on the stock price. It does, however, lead to mild future dilution since 9 lakh additional shares may be issued over time as employees exercise these options.