Does this ICICI Bank Form 4 show an open‑market share purchase or a stock option exercise?

The filing shows a stock option exercise , not an open‑market purchase. Transaction code “M” and the description confirm it is an exercise or conversion of a derivative security, converting options into 52,020 equity shares on April 17, 2026.

ICICI Bank (NYSE: IBN) director exercises 52,020 stock options

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

ICICI Bank Ltd director Ajay K Gupta exercised stock options to acquire 52,020 equity shares. The options carried an exercise price of $3.64 per share, translating from Rupees at INR92.90 to US$1.00 on April 17, 2026. Following the exercise, he directly holds 52,020 equity shares and 121,380 stock options. These options were part of a 173,400‑option grant from May 9, 2020 that vests in three tranches and expires between May 8, 2026 and May 8, 2028.

Insider Trade Summary

52,020 shares exercised/converted

Mixed 2 txns

Insider Gupta Ajay K

Role null

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy)	52,020	$3.64	$189K
Exercise	Equity Shares, par value Rs. 2 per share	52,020	$3.64	$189K

Holdings After Transaction: Stock Option (Right to Buy) — 121,380 shares (Direct, null); Equity Shares, par value Rs. 2 per share — 52,020 shares (Direct, null)

Footnotes (1)

The exercise prices of the stock options are denominated in Rupee and translated for convenience only into USD at the rate of INR92.90 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on April 17, 2026. A total of 173,400 stock options granted on May 9, 2020 and vesting three tranches: (i) 52,020 vested on May 9, 2021 and expiring on May 8, 2026, which have been fully exercised by the Reporting Person prior to expiration, (ii) 52,020 vested on May 9, 2022 and expiring on May 8, 2027 and (iii) 69,360 vested on May 9, 2023 and expiring on May 8, 2028.

Key Figures

Shares acquired via option exercise: 52,020 shares Exercise price per share: $3.64 per share Total options in 2020 grant: 173,400 options +5 more

8 metrics

Shares acquired via option exercise 52,020 shares Equity shares acquired on April 17, 2026

Exercise price per share $3.64 per share Exercise or conversion price, translated from Rupees

Total options in 2020 grant 173,400 options Stock options granted May 9, 2020

Remaining stock options 121,380 options Options outstanding after exercising first 52,020‑option tranche

Exchange rate used INR92.90 = US$1.00 Rate from Federal Reserve H.10 release on April 17, 2026

First tranche vesting date May 9, 2021 52,020 options vested, expiring May 8, 2026

Second tranche vesting date May 9, 2022 52,020 options vest, expiring May 8, 2027

Third tranche vesting date May 9, 2023 69,360 options vest, expiring May 8, 2028

Key Terms

Stock Option (Right to Buy), derivative security, vesting, exercise prices, +1 more

5 terms

Stock Option (Right to Buy) financial

"security_title: "Stock Option (Right to Buy)""

derivative security financial

"transaction_code_description: "Exercise or conversion of derivative security""

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

vesting financial

"granted on May 9, 2020 and vesting three tranches"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

exercise prices financial

"The exercise prices of the stock options are denominated in Rupee"

par value financial

"Equity Shares, par value Rs. 2 per share"

Par value is the fixed amount printed on a bond or stock that represents its original value when issued. It’s like the face value of a coin or bill—what the issuer promises to pay back or the starting price of a stock—though it often doesn’t change with market prices. It matters because it helps determine certain financial details, like how much the company will pay back at maturity.

Form 4 Insider Transactions: What Each Field Means →

04/21/2026 - 12:33 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Gupta Ajay K

(Last)

(First)

(Middle)

ICICI BANK TOWERS

BANDRA-KURLA COMPLEX

(Street)

MUMBAI

400051

(City)

(State)

(Zip)

INDIA

(Country)

2. Issuer Name and Ticker or Trading Symbol
ICICI BANK LTD [ IBN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/17/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Equity Shares, par value Rs. 2 per share	04/17/2026		M		52,020	A	$3.64⁽¹⁾	52,020	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (Right to Buy)	$3.64⁽¹⁾	04/17/2026		M			52,020	⁽²⁾	⁽²⁾	Equity Shares, par value Rs. 2 per share	52,020	$3.64⁽¹⁾	121,380⁽²⁾	D

Explanation of Responses:

1. The exercise prices of the stock options are denominated in Rupee and translated for convenience only into USD at the rate of INR92.90 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on April 17, 2026.

2. A total of 173,400 stock options granted on May 9, 2020 and vesting three tranches: (i) 52,020 vested on May 9, 2021 and expiring on May 8, 2026, which have been fully exercised by the Reporting Person prior to expiration, (ii) 52,020 vested on May 9, 2022 and expiring on May 8, 2027 and (iii) 69,360 vested on May 9, 2023 and expiring on May 8, 2028.

	/s/ Vivek Ranjan, as Attorney-in-fact	04/21/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did ICICI Bank (IBN) director Ajay K Gupta report?

Ajay K Gupta reported exercising stock options to acquire 52,020 ICICI Bank equity shares. The options were part of a larger 173,400‑option grant awarded in May 2020, reflecting compensation rather than an open‑market share purchase.

At what price were Ajay K Gupta’s ICICI Bank stock options exercised?

The stock options were exercised at an exercise price of about $3.64 per share. This exercise price is denominated in Rupees and translated into U.S. dollars using an exchange rate of INR92.90 to US$1.00, based on the Federal Reserve’s H.10 release.

How many ICICI Bank shares does Ajay K Gupta hold after this Form 4 transaction?

After the reported transaction, Ajay K Gupta directly holds 52,020 equity shares of ICICI Bank. These shares came from exercising stock options and represent his direct non‑derivative ownership reported in this filing following the April 17, 2026 exercise.

How many ICICI Bank stock options remain from Ajay K Gupta’s 2020 grant?

From the original 173,400 stock options granted on May 9, 2020, 121,380 options remain outstanding after this exercise. The first 52,020‑option tranche has been fully exercised, while the remaining two tranches retain later expiration dates through May 2028.

What is the vesting and expiration schedule of Ajay K Gupta’s ICICI Bank stock options?

The 173,400 options granted on May 9, 2020 vest in three tranches: 52,020 vested May 9, 2021, 52,020 on May 9, 2022, and 69,360 on May 9, 2023. Expiration dates range from May 8, 2026 through May 8, 2028.