The FINANCIAL — ING Groep N.V. has sold 8,610,000 (depositary receipts for) ordinary shares from its delta hedge portfolio, which is used to hedge employee options. The shares were sold on the open market between 4 December and 14 December at an average price of EUR 26.80 per share.
ING does not issue new shares to cover employee options. Instead, employees receive shares from the delta hedge portfolio, which is maintained to minimise the market risks and price fluctuations that arise from the employee option programmes. The hedge position is adjusted periodically, generally on a quarterly basis, in accordance with regulatory requirements and ING's policies to prevent market manipulation.
The hedge book currently holds 36,1 million (depositary receipts for) ordinary ING shares, representing 1.6% of the 2,226 million shares outstanding.
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