Zomato, the leading food delivery platform, has announced the approval of 12 million stock options for its eligible employees. The decision, disclosed through regulatory filings on Friday, comes as part of the company’s continued efforts to reward and incentivize its workforce. These stock options are aimed at strengthening employee loyalty and aligning their interests with the company’s long-term growth.
Under the Foodie Bay ESOP 2014 scheme, Zomato has granted 116 stock options, while a larger tranche of 11.9 million stock options has been allocated under the Zomato ESOP 2021 scheme. This move highlights the company’s strategy to provide competitive benefits, ensuring its employees are well-compensated for their contributions to the platform’s success.
As per the filings, each stock option is convertible into one fully paid-up equity share with a face value of Rs 1 per share. Zomato’s decision to offer these shares without any lock-in period is seen as a significant benefit for employees, allowing them immediate access to their stock-based earnings.
On Friday, Zomato’s shares closed at Rs 274.65 on the NSE, marking a 2% rise from the previous trading session. Based on this value, the newly approved ESOPs are estimated to be worth Rs 327 crore, making this grant a substantial reward for the company’s employees.
Zomato’s move to issue these stock options underscores the company’s commitment to its employees, recognizing their role in driving the company’s continuous expansion in the food delivery market.
