Porter offers second ESOP liquidation worth Rs 50 Cr

On-demand logistics company Porter will offer its current and former employees liquidation of ESOPs (Employee Stock Ownership Plan) worth Rs 50 crore.

As per a release, all the employees with eligible options are qualified to avail the programme. The employees (current and former) will be able to sell the eligible options immediately at a 50% higher value from the last liquidation valuation—up to a total value of Rs 50 crore.

The liquidation aims to encourage Porter’s talent for their valuable contributions by providing them with wealth creation opportunity, the company stated.

“This round of ESOP is yet another testimony of Porter’s gratitude and appreciation for the significant endeavours of our current and former employees in building the company. We aim to incentivise our employees keeping in mind their growth and well-being including financial growth,” said Pankaj Shroff, CFO, Porter.

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Last year, the company announced its maiden Employee Stock Ownership Plan (ESOP) monetisation programme worth $5 million for its eligible current and former employees.

“We announced our first-ever ESOPs liquidation worth Rs 40 crore ($5 million) in 2021, benefiting many of our stakeholders," said Rizwan Khan, VP - Human Resources, Porter.

"By enabling an ESOP liquidation for the second consecutive year, we wish to provide a unique opportunity for our current and ex-employees to decide on their investments and cash flows at a much faster rate. This ESOPs scheme is one of the ways to reward our employees and ensure that their contributions are valued substantially,” he added.