In an exchange filing for its Q4 FY24 results, the company said that its board has approved the proposal
Zomato ESOP 2024 will entitle the employee for one fully paid-up equity share of face value of INR 1 each against each ESOP exercised
As per the stock’s last closing, the ESOP plan would translate to shares worth over INR 3,500 Cr
Foodtech giant zomato
has sought approval from its shareholders for the formulation, adoption and implementation of a new employee stock option plan, Zomato ESOP 2024, to grant 18.26 Cr employee stock options.
In an exchange filing for its Q4 FY24 results, the company said that its board has approved the proposal.
ESOP 2024 will entitle the employee for one fully paid-up equity share of face value of INR 1 each against each ESOP exercised.
“The exercise price shall be face value of the underlying equity shares of the company to be allotted on exercise of vested options, payable by the employee in order to exercise the vested options pursuant to the ESOP 2024,” it added.
As per the stock’s last closing, the ESOP plan would translate to shares worth over INR 3,500 Cr.
In the shareholder letter released along with its Q4 results, Zomato CFO Akshant Goyal said that the additional ESOP pool amounts to 2% of the outstanding share capital of the company on a fully diluted basis.
Saying ESOPs are important to help build a culture of “long-term thinking and innovation and create a ‘founder mindset’ amongst senior employees”, Goyal said the new ESOP pool should be sufficient at least for the next 5 years.
