Federal Bank reports Rs114-cr stock options to employees in 2012
28 December 2012
Private sector lender Federal Bank today said it has granted stock options worth approximately Rs114 crore to its employees this year.
This is the second time that Federal Bank has offered employee stock options since the bank implemented the scheme in 2011, the bank said in a release issued today.
The stock offer to employees in 2012 consisted of over 2.4 million shares of Rs474 each. The bank had granted employees stock options of 3.4 million shares at Rs420.65 in 2011 as well.
The bank said its ESO scheme covers all permanent employees -- from the junior most staff to the managing director.
The maximum number of options that can be granted as per shareholder approval is 5 per cent of the paid-up equity share capital of the bank, which works out to about 8.5 million equity shares.
The bank has 1,000 branches and over 10,000 employees.