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Stock (Tables)

12 Months Ended

Mar. 31, 2024

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of employee stock option schemes has been estimated on the dates of each grant using a binomial option pricing model with the following assumptions:

		Fiscal years ended March 31,
		2022		2023		2024
Dividend yield		0.43%-0.46%		0.51%-0.97%		0.67%-0.71%
Expected volatility		21.71%-31.79%		21.97%-33.50%		21.91%-27.42%
Risk-free interest rate		4.99%-6.43%		6.14%-7.59%		7.21%-7.55%
Expected term (in years)		2.59-5.36		2.53-7.25		4.50-7.25

Schedule of Share-based Compensation, Stock Options, Activity

Activity in the options available to be granted under the employee stock option scheme is as follows:

		Number of options available to be granted fiscal year ending March 31,
		2022				2023				2024
Options available to be granted, beginning of period			104,694,170				81,992,420				54,214,165
Equity shares allocated for grant under the plan			—				—				—
Options granted			(25,628,600	)			(30,480,145	)			(24,384,690	)
Forfeited/lapsed			2,926,850				2,701,890				2,662,442
Options available to be granted, end of period			81,992,420				54,214,165				32,491,917

Activity in the options outstanding under the employee stock option scheme is as follows:

		Fiscal years ended March 31,
		2022								2023								2024
		Options				Weighted average exercise price				Options				Weighted average exercise price				Options				Weighted average exercise price
Options outstanding, beginning of period			168,168,760			Rs.	1,063.79				158,106,016			Rs.	1,175.65				151,682,461			Rs.	1,264.86
Addition on account of eHDFC merger			—				—				—				—				48,559,681				1,124.77
Granted			25,628,600				1,427.29				30,480,145				1,425.69				24,384,690				1,611.84
Exercised			(32,764,494	)			796.52				(34,201,810	)			998.73				(46,304,966	)			1,133.72
Forfeited			(2,639,100	)			1,231.84				(2,175,700	)			1,274.53				(2,198,002	)			1,363.80
Lapsed			(287,750	)			870.34				(526,190	)			1,033.65				(464,440	)			1,151.88
Options outstanding, end of period			158,106,016			Rs.	1,175.65				151,682,461			Rs.	1,264.86				175,659,424			Rs.	1,307.93
Options exercisable, end of period			65,321,116			Rs.	1,036.49				65,124,916			Rs.	1,162.96				98,829,856			Rs.	1,201.65
Weighted average fair value of options granted during the year						Rs.	415.12							Rs.	548.11							Rs.	607.28

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range

The following summarizes information about stock options outstanding as of March 31, 2024:

				As of March 31, 2024
Plan		Range of exercise price		Number of shares arising out of options				Weighted average remaining life (years)				Weighted average exercise price
Plan E		Rs. 1,636.9 (or US$ 19.64)			5,075,360.0				5.92			Rs.	1,636.9
Plan F		Rs. 716.60 to Rs. 1,636.90 (or US$ 8.60 to US$ 19.64)			15,551,708.0				4.84			Rs.	1,458.3
Plan G		Rs. 882.85 to Rs. 1,673.10 (or US$ 10.59 to US$ 20.08)			115,413,810.0				2.66			Rs.	1,333.8
eHDFC		Rs. 160.79 to Rs. 1,535.27 (or US$ 1.93 to US$ 18.42)			39,618,546.0				3.48			Rs.	1,131.5

Schedule of Share Based Compensation By Share Based Award Restricted Stock Units Valuation Assumptions

The fair value of restricted stock units has been estimated on the dates of each grant using a binomial option pricing model with the following assumptions:

		Fiscal years ended March 31,
		2023		2024
Dividend yield		0.47%-0.75%		0.65%-1.17%
Expected volatility		23.68%-35.35%		21.32%-35.35%
Risk-free interest rate		7.07%-7.57%		6.85%-7.18%
Expected term (in years)		1.0- 4.0		1.0- 4.0

Schedule Of Movement In Restricted Stock Units

Activity in the RSUs outstanding under the various Employees’ Stock Incentive Master Scheme as of March 31, 2024:

		Number of RSUs available to be granted fiscal year ending March 31,
		2023				2024
RSUs available to be granted, beginning of period			—				97,109,000
Equity shares allocated for grant under the scheme			100,000,000				—
RSUs granted			(2,891,000	)			(9,354,224	)
Forfeited/lapsed			—				206,800
RSUs available to be granted, end of the period			97,109,000				87,961,576

Schedule of Share-based Compensation, Restricted Stock Units, Activity

Activity in the RSUs outstanding under the various Employees’ Stock Incentive Master Scheme as at March 31, 2024:

		Fiscal years ended March 31,
		2023								2024
		Units				Weighted average exercise price				Units				Weighted average exercise price
RSUs outstanding, beginning of period			—			Rs.	—				2,891,000			Rs.	1.0
Granted			2,891,000				1.00				9,354,224				1.0
Exercised			—				—				(316,620	)			1.0
Forfeited			—				—				(203,500	)			1.0
Lapsed			—								(3,300	)			1.0
RSUs outstanding, end of period			2,891,000				1.00				11,721,804				1.0
RSUs exercisable, end of period			—								376,070				1.0
Weighted average fair value of RSUs granted during the year						Rs.	1,382.34							Rs.	1,565.43

Schedule of Share-based Compensation, Shares Authorized under Restricted Stock Units Plans, by Exercise Price Range

The following summarizes information about RSUs outstanding as of March 31, 2024:

As of March 31, 2024

Plan

Range of exercise price

Number of shares arising out of units

Weighted average remaining life (years)

Weighted average exercise price

ESIS 2022

Rs. 1.00 (or US$ 0)

11,721,804

2.65

1.00

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