Equitas Small Finance Bank Limited has granted 29,20,631 stock options to eligible employees, including Whole-time Directors and Material Risk Takers, under the ESFB Employee Stock Option Scheme 2019. The grant, approved by the Nomination & Remuneration Committee on May 28, 2026, aims to incentivize employees through equity ownership. The options will vest over three years from the grant date, subject to the beneficiaries remaining in service and receiving necessary regulatory approvals.

The allocation includes 14,28,305 options for Whole-time Directors and Material Risk Takers, priced at ₹72.18 per share. The remaining 14,92,326 options were granted to other eligible employees, with a significant portion issued at face value. The scheme complies with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, and shares issued upon exercise will rank pari-passu with existing equity shares.

Breakdown of Options Granted

The bank categorized the grants based on employee roles, with distinct pricing structures for each category.

Vesting and Exercise Terms

The stock options will vest over a period of three years from May 28, 2026. The vesting is deferred annually, and 100% of the total options will vest only if the employee continues to be part of the bank. Grants made to the Managing Director & CEO and Executive Director are subject to approval by the Reserve Bank of India.

Once vested, the options can be exercised within three years from the date of vesting. Each option, upon exercise, entitles the holder to one equity share of the bank. The disclosure was made to the exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Equitas Small Finance Bank has appointed Mr. Mukund Barsagade as its President-Finance, effective May 25, 2026. The appointment designates him as a Senior Management Personnel of the Bank, pursuant to the approval granted by the appropriate authority within the organization. Mr. Barsagade has assumed charge on the date of the appointment.

Profile of the Appointee

Mr. Mukund Barsagade is a seasoned finance and strategy professional with over three decades of experience. He holds strong academic credentials, including a Chartered Accountant qualification obtained in 1994 and a B. Com from Nagpur University completed in 1990. Additionally, he possesses a Diploma in IFRS from ACCA, UK.

His expertise spans financial management and controllership, regulatory compliance, fundraising, investor relations, and strategic transformation. Prior to this role, he held senior leadership positions such as Chief Financial Officer at several leading organizations.

Previous Roles

Mr. Barsagade has served as the Chief Financial Officer for Utkarsh Small Finance Bank, FINO Payments Bank, and Paytm Payments Bank. He also held the position of Group CFO at Lendingkart.