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Friday, December 28, 2012

Federal Bank offers stock options worth Rs 114 cr to employees

Private sector lender Federal Bank has offered employee stock options of more than 2.4 million equity shares amounting to Rs 113.76 crore to all its permanent employees.

This is the second time the bank is offering stock options since it implemented the employee stock option plan (ESOP) in 2011.

The grant in 2011 was at Rs 420.65 a share, and Rs 474 in 2012, the bank said in a statement.

At the time of the announcement, the share price of the Kerala-based bank stock was at Rs 542. The bank has about 1,000 branches and 10,000 employees, the bank said.

An ESOP is an option that provides a company’s workforce with an ownership interest in the company through its stocks. These options can be converted into shares at a later stage. On the BSE, the bank’s share ended at a new high of Rs 538.85 on Friday.


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