ING Groep N.V. sold 2,590,000 (depositary receipts for) ordinary ING shares on the open market from 15 to 18 August at an average price of €32.97 to adjust its hedge position for employee options.
ING does not issue new shares to cover employee options. Instead, employees receive shares from the delta hedge book, which is maintained to minimise the market risks and price fluctuations that arise from the employee option programmes. The hedge position is adjusted on a quarterly basis during the open period in accordance with regulatory requirements and ING's policies to prevent market manipulation.
The hedge book currently holds 49.5 million (depositary receipts for) ordinary ING shares, representing 2.2% of the total 2,205 million shares outstanding.
Source: ING Group