The Board of Directors of The South Indian Bank Ltd., at its meeting held on September 25, 2026, granted 5,30,916 Employee Stock Options (ESOPs) to Sri. P R Seshadri, Managing Director & CEO. This grant was made under the SIB ESOS Scheme-2008 and constitutes his non-cash variable pay for the Financial Year 2025-26, which was approved by the Reserve Bank of India vide letter dated September 16, 2026.

Key Terms of the ESOP Grant:

  • Total Options Granted: 5,30,916 options
  • Face Value: Re. 1 per share
  • Exercise Price: ₹23.54 per share (which represents a 50% discount on the market price of ₹47.08)
  • Market Price Reference: The market price of ₹47.08 is the NSE closing price on September 23, 2026, which was the trading day immediately preceding the date of the grant approval and the exchange with the highest trading volumes for the bank's shares.
  • Option Premium: An option premium of ₹32.72 per option was determined based on the Black-Scholes Model.
  • Vesting Schedule: The options will vest in three tranches:
  • 30% will vest after completion of 12 months from the date of grant
  • 30% will vest after completion of 24 months from the date of grant
  • 40% will vest after completion of 36 months from the date of grant
  • Exercise Period: Options may be exercised within 5 years from their respective vesting dates.
  • Valuation & Approval: The number of options and their pricing were calculated using the Black-Scholes option pricing model as per extant RBI guidelines. The grant was approved by the Board based on a recommendation from the Nomination and Remuneration Committee made at its meeting held on September 24, 2026.

Compliance:

The disclosure is made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in compliance with the SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The terms and conditions of the grant are governed by the SIB ESOS Scheme-2008 and the Securities and Exchange Board of India (Share Based Employee Benefit and Sweat Equity) Regulations, 2021.

Other Directors: No options were granted to the Part-time Chairman or any other Non-Executive Directors of the Bank.

Additional Announcements:

The Board Meeting was held on September 25, 2026, commencing at 10:30 AM and concluding at 6:30 PM. The intimation and the annexure have been hosted on the bank's website (www.southindianbank.bank.in) as required by listing regulations.