Swiggy grants 1.28 Cr options under ESOPs
Swiggy has granted options worth Rs 440 crore after 2.61 crore and 8.64 lakh allotments made earlier this year.
Sriharsha Majety-led Swiggy on Tuesday announced it has granted 1.28 crore options under its Employee Stock Option Scheme 2024, an exchange filing showed.
Shares of the food delivery and quick commerce player closed marginally higher at Rs 344 apiece, taking the value of the grant to Rs 440 crore.
"Each stock option is convertible into one fully paid up equity share having face value of ₹1 each," the company stated in the filing.
This marks the company's first grant since its public debut in November. Earlier, this year in January Swiggy allotted 2.61 crore shares under ESOP scheme 2015 and 2021, worth 1,153 crore.
A month later, Swiggy allotted 8.64 lakh equity shares under the Swiggy ESOP 2021 Plan worth Rs 30 crore.
ESOPs serve as a compensation tool that helps companies attract and retain employees by providing them an opportunity to share in the company's growth through potential gains in share value. 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.
Just a day ago, beauty ecommerce player Nykaa granted 17,010 shares worth Rs 32.3 lakh under its ESOP scheme. Prior to that, Mamaearth-parent Honasa Consumer granted 24.16 lakh stock options under its ESOP - 2018 plan worth around Rs 57 crore.
Edited by Jyoti Narayan