The share price of the Indian multinational bank and financial service firm ICICI Bank Limited is seeing losses.
On Monday, the stock slipped to ₹1,221.40, down by nearly 2% from the previous closing price of ₹1,245.40. At the time of writing, ICICI Bank is trading for ₹1,223.70, down by more than 4% over the past five trading days.
28,800 Shares Allotted for Employees Stock Unit Scheme
The stock continues to experience selling pressure following the company’s disclosure last week that it allotted 28,800 shares with a face value of ₹2 each under the ICICI Bank Employees Stock Unit Scheme-2022.
In a filing submitted to BSE Limited and the National Stock Exchange of India Limited on Friday, the bank said that two executive directors greenlighted the allotment.
“[A]llotment has been approved by two Executive Directors today at 10.50 a.m. (being time of the last approval) pursuant to the power delegated by the Board of Directors of the Bank at its meeting held on October 21, 2023,” reads the filing signed by Chetan Pawar, from the bank’s Associate Leadership Team.
Incentive Program for Employees
The Employees Stock Unit Scheme-2022 is an incentive program of the ICICI Bank that enables eligible employees to receive equity-linked rewards.
According to the bank, the scheme aims to enable employees to participate in the business as active stakeholders. The program also serves as a retention mechanism that bolsters motivation and enables employees to participate in the long-term growth and financial success of the bank.
““The maximum number of Units granted to any Eligible Employee shall not exceed 20,000 Units in any financial year and 0.14% of the total Units available for Grant over a period of seven years from the date of approval of the Unit Scheme by the shareholders),” the bank said of the scheme.