Bakhshi Sandeep 4

What Happened

• Sandeep Bakhshi, CEO of ICICI Bank Ltd., reported exercising 220,000 stock options (derivative code M) on April 17, 2026 at an exercise price reported as $2.39 per share (USD-converted). The acquisition value shown is $525,800. The filing also shows a same-day disposal of 220,000 shares at $2.39 (reported as a derivative disposition), meaning the shares obtained on exercise were immediately disposed of per the Form 4 entries.

Key Details

• Transaction date: April 17, 2026. Report filed: April 21, 2026 (appears timely within the Form 4 reporting window).
• Price: $2.39 per share (USD equivalent); total value reported for 220,000 shares = $525,800.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnotes: F1 — exercise prices are denominated in Indian rupees and converted to USD at INR 92.90 = $1.00 (Federal Reserve rate on Apr 17, 2026). F2 — the options were part of a 913,000-option grant from April 28, 2016 with a three-tranche vesting schedule and various expiry dates; earlier tranches and prior exercises are noted in the footnote.
• Transaction code M indicates option exercise; the matching acquisition and disposal entries indicate the exercised shares were immediately disposed of (reported as a derivative disposition).

Context

• For retail investors: an option exercise followed by an immediate disposal is typically a conversion+sale (sometimes a cashless exercise or sell-to-cover in practice). This Form 4 shows the mechanics (exercise and concurrent disposal) but does not state the sale proceeds beyond the USD-equivalent exercise price. The filing is informational and does not, by itself, explain the insider’s motivation.