South Indian Bank to grant options upto 31 lakh shares

South Indian Bank Ltd has announced that the Board of Directors of the Bank at its meeting held on November 21, 2009, has decided to grant options not exceeding 31 lakh shares to eligible employees of the Bank under SIB ESOS 2008.

No options are granted to Managing Director & CEO, Part-time Chairman and other non- executive Directors of the Bank.

The exercise price was fixed at a discount of 10% to closing market price of Rs. 143.70 as on November 20, 2009 on NSE, where highest trading volume of Bank's shares was recorded.

The stock closed the day at Rs.147.85, up by Rs.4.30 or 3%. The stock hit an intraday high of Rs.149.20 and low of Rs.143.90.

The total traded quantity was 595741 compared to 2 week average of 62985.

Source : Equity Bulls

Keywords