Eternal grants 64.77 lakh ESOPs worth Rs 168 crore
Eternal Ltd has granted 64.77 lakh stock options to employees under its ESOP plans, with the grant valued at Rs 168.4 crore based on the stock’s opening price.
Eternal Ltd, formerly Zomato, has granted a total of 64.77 lakh stock options to eligible employees under Foodie Bay Employee Stock Option Plan 2014 and Zomato Employee Stock Option Plan 2021.
According to the company's regulatory filing on Tuesday, each stock option is convertible into one equity share at an exercise price of ₹1. The stock options will be exercisable within 10 years from the date of vesting or 12 years from the company’s listing date, whichever is later. All shares arising from the exercise of these options will rank pari-passu with existing shares and will not be subject to any lock-in.
Based on the opening price of shares of Rs 260, the grant is worth Rs 168.4 crore. The company stated that the total number of shares covered by the options, including adjustments for corporate actions, stands at 69,19,736 equity shares of face value ₹1 each.
In April, the company had allotted 2.17 lakh stock options under ESOP 2021 and 158 options under ESOP 2014, valued at approximately ₹4.42 crore based on Zomato’s opening stock price of ₹203 at the time.
This latest grant follows Eternal’s continued efforts to use employee stock options as a key tool for talent retention and long-term value creation, especially as it expands its business across food delivery, quick commerce, and going-out verticals.
Rival Swiggy has also been active on the ESOP front. In April, Swiggy allotted 36.32 lakh equity shares under its 2015 and 2021 ESOP plans. Prior to that, the company granted 1.28 crore options under its ESOP 2024 plan, valued at around ₹440 crore.
Edited by Swetha Kannan