According to media reports, foodtech giant Zomato has approved the grant of 40 million Employee Stock Options (ESOPs) under its 2014 and 2021 plans, valued at Rs 892.19 crore based on an opening price of Rs 219 per share.
The approval, as per media sources, follows shareholder dissent over Zomato's ESOP expansion plan, which narrowly secured majority approval despite significant opposition.
In a regulatory filing, the company stated, "Stock Options granted shall be capable of being exercised within ten years from the date of vesting of options or twelve years from the date of Listing, whichever is later," according to media reports.
Zomato's quarterly earnings report disclosed plans for an ESOP pool of 18.26 crore employee stock options, valued close to Rs 4,000 crore at current market rates, according to media reports.
Additionally, Zomato clarified in a separate filing its decision not to pursue lending and credit operations, withdrawing its application for NBFC certification with the Reserve Bank of India, according to media sources.
The company is also focusing on expanding its stepping-out segments and has been in advanced discussions with Paytm regarding the acquisition of the latter’s events and ticketing business, according to media reports.
