ICICI Bank (NYSE: IBN) CEO exercises 73,900 share options

Rhea-AI Filing Summary

ICICI Bank Ltd Chief Executive Officer Sandeep Bakhshi exercised stock options to acquire a total of 73,900 equity shares of the bank on April 28, 2026. He converted 53,900 options at $2.36 per share and 20,000 options at $2.51 per share into equity shares, without any reported open-market sales. After these exercises, his direct equity ownership in ICICI Bank exceeded one million shares, indicating a larger personal stake through option-based compensation rather than market purchases.

Insider Trade Summary

73,900 shares exercised/converted

Mixed 4 txns

Insider Bakhshi Sandeep

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy)	20,000	$2.51	$50K
Exercise	Stock Option (Right to Buy)	53,900	$2.36	$127K
Exercise	Equity Shares, par value Rs. 2 per share	20,000	$2.51	$50K
Exercise	Equity Shares, par value Rs. 2 per share	53,900	$2.36	$127K

Holdings After Transaction: Stock Option (Right to Buy) — 200,000 shares (Direct, null); Equity Shares, par value Rs. 2 per share — 1,091,301 shares (Direct, null)

Footnotes (1)

1. The exercise prices of the stock options are denominated in Rupee and translated for convenience only into USD at the rate of INR94.25 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on April 24, 2026. A total of 962,500 stock options granted on April 25, 2014 and vesting in three tranches: (i) 288,750 vested on April 25, 2015 and expired on April 24, 2025, which have been fully exercised by the Reporting Person prior to expiration, (ii) 288,750 vested on April 25, 2016 and expiring on April 24, 2026, which have been fully exercised by the Reporting Person prior to expiration, and (iii) 385,000 vested on April 25, 2017 and expiring on April 24, 2027, 165,000 of which have been exercised by the Reporting Person prior to expiration and 20,000 of which have been exercised by the Reporting Person in Reported Transaction. A total of 913,000 stock options granted on April 28, 2016 and vesting in three tranches: (i) 273,900 vested on April 28, 2017 and expiring on April 27, 2027, 220,000 of which have been exercised by the Reporting Person prior to expiration and 53,900 of which have been exercised by the Reporting Person in Reported Transaction, (ii) 273,900 vested on April 28, 2018 and expiring on April 27, 2028 and (iii) 365,200 vested on April 28, 2019 and expiring on April 27, 2029.

Key Figures

Options exercised (first tranche): 53,900 shares Options exercised (second tranche): 20,000 shares Total options exercised: 73,900 shares +5 more

8 metrics

Options exercised (first tranche) 53,900 shares Stock options exercised into equity shares at $2.36 on April 28, 2026

Options exercised (second tranche) 20,000 shares Stock options exercised into equity shares at $2.51 on April 28, 2026

Total options exercised 73,900 shares Aggregate underlying equity shares from option exercises reported in this filing

Exercise price (first tranche) $2.36/share Equity Shares, par value Rs. 2 per share

Exercise price (second tranche) $2.51/share Equity Shares, par value Rs. 2 per share

FX rate used INR94.25 = US$1.00 Exchange rate for translating rupee-denominated option prices into USD

2014 grant size 962,500 options Stock options granted April 25, 2014, vesting in three tranches

2016 grant size 913,000 options Stock options granted April 28, 2016, vesting in three tranches

Key Terms

Stock Option (Right to Buy), Exercise or conversion of derivative security, Equity Shares, par value Rs. 2 per share, vesting in three tranches, +1 more

5 terms

Stock Option (Right to Buy) financial

"security_title: Stock Option (Right to Buy)"

Exercise or conversion of derivative security financial

"transaction_code_description: Exercise or conversion of derivative security"

Equity Shares, par value Rs. 2 per share financial

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

vesting in three tranches financial

"A total of 962,500 stock options granted ... and vesting in three tranches"

H.10 statistical release financial

"the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board"

The H.10 statistical release is a regularly published table of key interest rates — such as short-term Treasury yields, commercial paper, and interbank borrowing costs — compiled by the central bank. It gives a snapshot of borrowing and lending rates across different maturities, which investors use like a weather report for the credit markets: changes can alter borrowing costs, bond prices, and expected returns, so it helps assess market conditions and value assets.

Form 4 Insider Transactions: What Each Field Means →

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^*

Bakhshi Sandeep

(Last) (First) (Middle)

ICICI BANK TOWERS

BANDRA-KURLA COMPLEX

(Street)

MUMBAI K7 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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/28/2026

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)
			Code	V	Amount	(A) or (D)	Price
Equity Shares, par value Rs. 2 per share	04/28/2026		M		20,000	A	$2.51(1)	1,091,301	D
Equity Shares, par value Rs. 2 per share	04/28/2026		M		53,900	A	$2.36(1)	1,145,201	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$2.51(1)	04/28/2026		M			20,000	(2)	(2)	Equity Shares, par value Rs. 2 per share	20,000	$2.51(1)	200,000(2)	D
Stock Option (Right to Buy)	$2.36(1)	04/28/2026		M			53,900	(3)	(3)	Equity Shares, par value Rs. 2 per share	53,900	$2.36(1)	639,100(3)	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 INR94.25 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on April 24, 2026.

2. A total of 962,500 stock options granted on April 25, 2014 and vesting in three tranches: (i) 288,750 vested on April 25, 2015 and expired on April 24, 2025, which have been fully exercised by the Reporting Person prior to expiration, (ii) 288,750 vested on April 25, 2016 and expiring on April 24, 2026, which have been fully exercised by the Reporting Person prior to expiration, and (iii) 385,000 vested on April 25, 2017 and expiring on April 24, 2027, 165,000 of which have been exercised by the Reporting Person prior to expiration and 20,000 of which have been exercised by the Reporting Person in Reported Transaction.

3. A total of 913,000 stock options granted on April 28, 2016 and vesting in three tranches: (i) 273,900 vested on April 28, 2017 and expiring on April 27, 2027, 220,000 of which have been exercised by the Reporting Person prior to expiration and 53,900 of which have been exercised by the Reporting Person in Reported Transaction, (ii) 273,900 vested on April 28, 2018 and expiring on April 27, 2028 and (iii) 365,200 vested on April 28, 2019 and expiring on April 27, 2029.

	/s/ Vivek Ranjan, as Attorney-in-fact	04/30/2026
	** 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)

FAQ

What did ICICI Bank (IBN) CEO Sandeep Bakhshi report in this Form 4?

ICICI Bank CEO Sandeep Bakhshi reported exercising stock options to acquire 73,900 equity shares. He converted 53,900 options at $2.36 per share and 20,000 at $2.51, increasing his direct share ownership without any reported open-market sales.

How many ICICI Bank (IBN) shares did the CEO acquire through option exercises?

Sandeep Bakhshi acquired 73,900 ICICI Bank equity shares through stock option exercises. These came from 53,900 options with a $2.36 exercise price and 20,000 options with a $2.51 exercise price, all converted into ordinary equity shares on April 28, 2026.

Were there any open-market share sales in this ICICI Bank (IBN) Form 4?

No, the Form 4 shows only option exercises and resulting share acquisitions, with no open-market sales. All reported transactions use code “M,” indicating exercise or conversion of derivative securities into equity shares held directly by the reporting person.

What do the exercise prices mean in ICICI Bank (IBN) CEO’s option transactions?

The exercise prices of $2.36 and $2.51 per share are USD equivalents of rupee-denominated option prices. Footnotes state they were translated using an INR94.25 to US$1.00 exchange rate from the Federal Reserve’s H.10 release dated April 24, 2026.

How do the vested stock option grants affect ICICI Bank (IBN) CEO’s holdings?

The CEO’s holdings increased as options vested in tranches and were exercised before expiration. Footnotes describe large grants from 2014 and 2016, with multiple tranches already fully exercised and the reported 20,000 and 53,900 options exercised as part of those remaining tranches.