Zomato grants ESOP worth Rs 4.42 Cr
Eternal, formerly Zomato, has granted 158 options under the Foodie Bay Employee Stock Option Plan 2014 and 2.17 lakh options under the Zomato Employee Stock Option Plan 2021.
Quick commerce and food delivery giant Zomato said it has granted stock options under employee stock ownership plan (ESOP) 2014 and ESOP 2021, as per exchange filings.
The company is granting 158 options under the Foodie Bay Employee Stock Option Plan 2014 and 2.17 lakh options under the Zomato Employee Stock Option Plan 2021.
"Each stock option is convertible into one fully paid up equity share, having a face value of ₹1 each," stated the exchange filing.
Based on the company's opening price of Rs 203, the ESOP grant is valued at approximately Rs 4.42 crore.
This comes a day after Zomato let go of 600 customer support associates as operational efficiencies from its AI-powered customer support platform kicked in.
The company hired about 1,500 employees under its Zomato Associate Accelerator Programme (ZAAP), which primarily hired for customer support roles, along with a chance to transition to other roles. It did not renew the majority of these contractual workers at the end of their tenure.
According to a report, Deepinder Goyal-led Zomato fired over 500 employees from its Gurugram and Hyderabad offices, with little to no warning.
Just last week, Goldman Sachs Singapore bought 60 lakh shares of the food delivery major in a block deal on the BSE. During the same time, Kadensa Master Fund sold the same amount of shares in the company at an average price of Rs 199.5.