Leading logistics company Delhivery has announced an expansion of its Employee Stock Option Plan (ESOP) pool by allotting 11.06 lakh shares.
This move aims to bolster employee engagement and retention as part of Delhivery’s strategic initiatives.
The Stakeholders’ Relationship Committee of Delhivery Limited approved the allotment of a total of 11,06,060 (Eleven Lakh Six Thousand Sixty Only) equity shares of face value INR 1 each.”
The breakdown of the allocation includes :
- 2,85,960 (2.86 lakh) equity shares under the Delhivery Employee Stock Option Plan 2012 (ESOP 2012)
- 3,49,600 (3.50 lakh) equity shares under the Delhivery Employee Stock Option Plan II 2020 (ESOP II 2020)
- 4,70,500 (4.71 lakh) equity shares under the Delhivery Employee Stock Option Plan III 2020 (ESOP III 2020)
The newly allotted shares will rank pari-passu with the existing equity shares of the company in all respects, and the company’s paid-up share capital has now increased from Rs. 73,74,43,940 to Rs. 73,85,50,000.
The logistics unicorn’s share price closed 0.81% lower at INR 386.95 on Tuesday’s trading session on the NSE. Based on the stock’s last closing price, the newly allotted ESOPs are valued at approximately INR 43 crore.
Despite the positive news for employees, Delhivery has faced financial challenges, reporting a consolidated net loss of INR 69 crore for the fourth quarter (Q4) of the financial year 2023-24 (FY24), compared to a net profit of INR 11.7 crore in the preceding quarter.
Additionally, the company saw a 5% quarter-to-quarter revenue decline to INR 2,076 crore, attributed to a decrease in express parcel and cross-border service volumes.
The allotment of new ESOPs is part of a broader trend among new-age tech companies. For instance, Paytm recently allotted over 87,000 ESOPs, while Policybazaar’s parent company PB Fintech allocated over 48 lakh ESOPs earlier this month.
