Swiggy allots ESOP worth Rs 124 Cr
Sriharsha Majety-led Swiggy, which went public in November last year, has allotted 36.32 lakh equity shares under ESOP Plan 2015 and ESOP plan 2021.
Quick commerce and food delivery player has allotted 36.32 lakh equity shares under its ESOP plan 2015 and 2021.
In a filing with the NSE on Tuesday, the company confirmed that these newly-allotted shares will rank pari-passu with its existing equity shares.
Shares of the Bengaluru-based company were trading marginally higher at noon. Based on the company's opening price of Rs 344.80 on the NSE, the total value of the allotment stands at approximately Rs 124.94 crore.
Post the allotment, the company said its paid-up share capital has increased from 228.64 crore to 229.01 crore.
Employee Stock Ownership Plans (ESOPs) are a compensation tool that enable companies to attract and retain employees by providing them an opportunity to share in the company's growth. ESOP grants enable companies to offer options for employees, along with a vesting schedule. Allotment refers to the transfer of shares after exercised options are vested.
Earlier this week, Swiggy granted 1.28 crore options under its ESOP 2024 plan, valued at around Rs 440 crore. Since the beginning of the year, Swiggy has allotted over 3 crore equity shares under ESOPs.
Swiggy's rival Zomato also granted 2.17 lakh options across 2014 and 2021 plans, worth over Rs 4.42 crore, in April this year. Post that, Nykaa granted 17,010 shares under ESOP in its second allotment of the year.
Edited by Megha Reddy