Tag : ESOP

New Delhi: Online food delivery platform Zomato, which is going through its worst phase at Dalal Street, has allotted nearly 4.66 crore shares [https://www.business-standard.com/topic/shares] to its employees from its employee stock option plan (ESOP) pool at the face value of Rs 1. The board of directors approved the allotment of 4,65,51,600 equity shares [https://www.business-standard.com/topic/shares] to employees upon exercise of vested stock options, according to its filing with the stock exchanges. The entire allotment is worth around Rs 200 crore (Zomaro's share price was hovering around Rs 43 on Wednesday). "We wish to inform you that the nomination and remuneration committee of the board of directors of the company at its meeting held on July 25, 2022, has approved the allotment of 4,65,51,600 equity shares [https://www.business-standard.com/topic/shares] having a face value of INR 1 each, as fully paid-up, to identified employees of the company and its subsidiaries upon exercise of vested options," the company said in its note. The food delivery platform's total share allotment to the staff stands at 792.02 crore shares. In a 2018 scheme, Zomato [https://www.business-standard.com/topic/zomato] alloted 63.5 lakh ESOPs while in 2021, it gave 4.02 crore shares to employees. The stock allotment came as Zomato's share price tanked over 11 per cent on Monday and more than 7 per cent to hit an all-time low of Rs 43.05 on Tuesday, wiping out more than Rs 89,000 crore. Global brokerage and research firm Jefferies has said it is time to buy as the stock can be a good entry point for long-term investors. In a note, Jefferies said that now is the time for long-term investors to Buy Zomato [https://www.business-standard.com/topic/ ...