HDFC BANK LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)
(Unaudited)
The following summarizes information about stock options outstanding as of September 30,
2023:
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As of September 30, 2023 |
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Plan |
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Range of exercise price |
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Number of shares arising out of options |
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Weighted average remaining life (years) |
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Weighted average exercise price (Rs.) |
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Plan E |
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Rs.1,636.90(or US$19.70) |
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5,075,360 |
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6.42 |
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1,636.9 |
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Plan F |
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Rs.716.60 to Rs. 1,636.90 (or US$ 8.63 to US$ 19.70) |
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16,117,860 |
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5.18 |
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1,432.2 |
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Plan G |
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Rs. 882.85 to Rs. 1,673.10 (or US$ 10.63 to US$ 20.14) |
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121,506,560 |
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2.86 |
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1,318.9 |
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eHDFC |
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Rs. 160.79 to Rs. 1,535.27 (or US$ 1.94 to US$ 18.48) |
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44,793,882 |
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3.93 |
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1,128.03 |
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The following summarizes information about RSUs outstanding as of September 30, 2023:
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As of September 30, 2023 |
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Plan |
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Range of exercise price |
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Number of shares arising out of units |
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Weighted average remaining life (years) |
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Weighted average exercise price (Rs.) |
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ESIS 2022 |
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Rs. 1.00 (or US$ 0.01) |
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8,520,190 |
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3.09 |
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1.0 |
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The intrinsic value of options exercised during the six-month periods ended September 30, 2022 and
September 30, 2023 at the grant date was Rs. 0.5 million and Rs. 2,307.3 million, respectively, and at the exercise date was Rs. 11,929.7 million and Rs. 12,773.2 million, respectively. The aggregate intrinsic value as of
the grant date and as of September 30, 2023 attributable to options which are outstanding as on September 30, 2023 was Rs. 25,835.7 million (previous period Rs. 2.1 million) and Rs. 46,216.6 million (previous
period Rs. 26,790.9 million), respectively. The aggregate intrinsic value as at the grant date and as of September 30, 2023 attributable to options exercisable as on September 30, 2023 was Rs. 22,986.7 (previous period nil) and was
Rs. 30,407.4 million (previous period Rs. 14,691.1 million), respectively. Total stock compensation cost recognized under these plans was Rs. 5,730.0 million and Rs. 8,864.6 million during the six-month periods ended
September 30, 2022 and September 30, 2023, respectively. There is no income tax benefit recognized associated with share-based compensation expenses. As of September 30, 2023, there were 97,868,312 unvested options (previous
period 111,724,354) with a weighted average exercise price of Rs. 1,300.0 (previous period Rs. 1,315.6) and the aggregate intrinsic value at the grant date and as of September 30, 2023 was Rs.2,708.0 million (previous period Rs. 2.1
million) and Rs. 15,685.3 million (previous period Rs. 12,099.8 million), respectively. As of September 30, 2023, the total estimated compensation cost to be recognized in future periods was Rs. 23,332.5 million (previous period
24,428,4 million). This is expected to be recognized over a weighted average period of 1.04 years.
The intrinsic value of RSUs exercised
during the six month period ended at the grant date was nil. The aggregate intrinsic value as of the grant date and as of September 30, 2023 attributable to RSUs which are outstanding as on September 30, 2023 was Rs. 13,826.0 million
and Rs. 12,995.8 million, respectively. The aggregate intrinsic value as of the grant date and as of September 30, 2023 attributable to RSUs exercisable as on September 30, 2023 was Rs. nil and nil, respectively. Total stock
compensation cost recognized for the RSUs under these plans was Rs. 978.2 million during the six-month period ended September 30, 2023. As of September 30, 2023, there were 8,520,190 unvested RSUs with weighted average
exercise price of Rs. 1.0 and the aggregate intrinsic value at the grant date and as of September 30, 2023 was Rs. 13,286.0 million and Rs. 12,995.8 million, respectively. As of September 30, 2023, the total estimated
compensation cost for the RSUs to be recognized in future periods was Rs. 10,050.0 million. This is expected to be recognized over a weighted average period of 1.23 years.
HDFC Life Insurance Company Limited
HDFC Life has granted options of its equity shares to employees under various schemes and certain schemes are administered under the HDFC Life
employee stock option trust and certain company schemes. The exercise price of the options granted is defined in the respective ESOS schemes.
Total number of outstanding options is 15,628,076 as of September 30, 2023 of which 4,229,516 are exercisable.
HDFC Asset Management Company Limited
HDFC AMC has granted options of its equity shares to employees and directors of company under various schemes. The exercise price of the
options granted was based on latest available closing price of the shares of the HDFC AMC on the National Stock Exchange of India Limited.
Total number of outstanding options is 2,318,900 as of September 30, 2023 of which 787,932 are exercisable.
F-50