Delhivery board approves 1.7 lakh shares for ESOPs

The board of logistics firm Delhivery has approved and allotted 1,70,676 shares for Rs 1 each, the company informed the stock exchange on Friday. This takes the paid-up share capital of the company from Rs. 72,81,40,208 to Rs. 72,83,10,883.

"We wish to inform you that the Stakeholder Relationship Committee of Delhivery Limited on Friday, January 06, 2023, approved and allotted equity shares of face value Re 1 each against the exercise of vested Options," the company told the stock exchange.

Delhivery Employee Stock Option Plan 2012 (ESOP 2012) has 87,976 shares while 82,700 are under Delhivery Employee Stock Option Plan III 2020 (ESOP 2020). The allotted shares will rank pari-passu ( on equal footing) with the existing equity shares of the company in all respects.

In December, the company approved the grants of 46,219 stock options under Delhivery Employees Stock Option Plan 2012 (ESOP 2012). The same month, it told the exchanges that it approved and allotted 12,55,568 equity shares of face value Re 1 each. 6,82,168 under Delhivery Employee Stock Option Plan 2012 (ESOP 2012), and 5,73,400 under Delhivery Employee Stock Option Plan III 2020 (ESOP 2020)

During its second-quarter results, the company said it adjusted Rs 79 crores of ESOP expenses. The company has granted about 43.45 million ungranted stock options and has about 30.2 million stock options unvested but granted.

Of the 43.45 million shares, nearly 22.2 million shares will vest only if the company achieves a stock price of 800 rupees a share, 1,000 rupees a share and 1,200 rupees a share.

"The costing which is expected for the options that have already been granted, based on time-based performance, is Rs 469 crores over next five years, including the current year. And for the performance based stock options are just Rs 97 crores over the next five years. So a total of about Rs 566 crores is expected, based on the grants that have happened so far," shared Amit Agarwal, Chief Financial Officer during the earning call for Q2 of FY2023.