South Indian Bank announced the retirement of Mazhuvancheri George Korah from its board. He ceases to hold office as Non-Executive Independent Director on August 30, 2026.

The departure follows the completion of his term of appointment. The bank notified the National Stock Exchange and BSE under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Composition Update

Mr. Korah, identified by DIN 08207827, will step down effective August 30, 2026. The filing confirms no reappointment or replacement details were disclosed in this intimation.

The information was signed by Company Secretary Jimmy Mathew on August 29, 2026. It references SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

South Indian Bank approved the grant of 27,36,230 employee stock options during its board meeting on August 20, 2026. The awards form part of the non-cash variable pay for FY26.

The bank allocated the options under Tranche 21 of the SIB ESOS Scheme 2008 to 306 eligible employees. The move complies with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and the SEBI (Share Based Employee Benefit and Sweat Equity) Regulations 2021.

Pricing and Valuation

The exercise price is set at ₹22.50, representing a 50% discount to the market price of ₹45.00. This market price reflects the NSE closing price on August 19, 2026, the trading day immediately preceding the grant date with the highest volume.

A registered valuer computed the option premium at ₹30.96 per option using the Black-Scholes model, in accordance with extant RBI guidelines. The Nomination and Remuneration Committee recommended the pricing to the Board.

Vesting Schedule

The options vest in three tranches over three years from the grant date:

• 30% vests after 12 months
• 30% vests after 24 months
• 40% vests after 36 months

Employees may exercise the options within five years from the respective vesting dates. If fully exercised, the options will convert into 27,36,230 equity shares of face value Re.1 each.

What the Numbers Show

The significant discount between the exercise price (₹22.50) and the market price (₹45.00) highlights the value proposition of the non-cash compensation. This pricing structure aims to align employee incentives with long-term share price performance while providing immediate intrinsic value upon vesting.