Listed logistics and supply chain company, Delhivery has allotted 36,525 stock options under the Delhivery Employees Stock Option Plan 2012 (ESOP-2012).
According to an exchange filing, the Nomination and Remuneration Committee of the Board of Directors approved the grant on Tuesday, July 02, 2024.
These stock options, valued at over INR 1.45 crore based on the stock’s last closing price, will vest over a period of four years from the date of grant.
Specifically, 10% of the ESOPs will vest after 12 months, 30% within 24 months, and the remaining stock options will vest at a rate of 15% every six months thereafter.
This recent grant follows last month’s allocation of 11.06 lakh ESOPs by Delhivery.
Previously, the company issued over 2.85 lakh equity shares under ESOP 2012, over 3.49 lakh equity shares under ESOP II 2020, and over 4.70 lakh equity shares under ESOP III 2020.
In May, Delhivery issued 75,000 stock options under ESOP-2012.
Despite these significant allocations, Delhivery reported a consolidated loss of INR 69 crore in Q4 of FY24, a stark contrast to the net profit of INR 11.7 crore in the preceding quarter.
The company’s revenue from operations also declined by 5% quarterly to INR 2,076 crore, primarily due to reduced express parcel and cross-border service volumes.
Employee Stock Option Plans (ESOPs) are increasingly being used by startups and tech companies to attract, reward, and retain talent.
Notably, other tech startups like Paytm and Policybazaar’s parent company PB Fintech have also announced substantial ESOP allotments in recent months.
Additionally, several startups, including DeHaat and Purplle, have launched ESOP buyback programs to provide liquidity to their employees.
Shares of Delhivery closed 0.34% lower today at INR 398.15 on the BSE.
