Shikha Sharma gets a salary hike

Sharma will now be entitled to a basic salary of Rs 1.96 crore per annum

Shikha Sharma, the managing director and chief executive officer of Axis Bank has got a salary hike of around 10 per cent, effective from 1st June, 2013.

She will now get a basic salary of Rs.1.96 crore per annum, according to an exchange notification made on Thursday.

Her earlier salary had been pegged at Rs.1.78 crore per annum with effect from June 2012, according to an earlier notice to investors. Some other components of her salary also have been increased.

Her leave fare concession facility has been bumped up from Rs11.15 lakhs to Rs.12.26 lakhs per year. House Rent allowance has been increased from Rs.59.52 lakhs to Rs.65.47 lakhs per annum. The latest notification stated that variable pay would be decided by the board.

Shikha Sharma was appointed as the Managing Director and Chief Executive Officer of the bank for a period of three years with effect from 1st June, 2009. The board at its meeting held on 13th February, 2012 re-appointed her for a further period of three years with effect from 1st June, 2012 till 31st May, 2015, according to the last annual report.

The stock has gained over 90% since she joined the company in June 2009.