Drone manufacturer ideaForge has announced the allotment of an additional 95,954 equity shares under its Employees Stock Option Plan (ESOP) scheme, 2018. This move follows a recent trend of bolstering ESOP offerings, aimed at incentivizing employees amidst company expansion plans.
In an official filing, ideaForge Technology Limited stated, “…the Executive Committee of the Board of the ideaForge Technology Limited (Company) on July 10, 2024 has approved the allotment of 95,954 Equity Shares having face value of Rs. 10/- each towards the exercise of vested stock options under the ideaForge Employees Stock Option Scheme, 2018. These shares shall rank pari-passu with the existing equity shares of the Company in all respects.” With this allotment, ideaForge’s paid-up share capital has increased marginally to INR 42.98 Cr from INR 42.89 Cr.
At the last closing price of INR 829 per share on the Bombay Stock Exchange (BSE), the newly allotted ESOPs are valued at approximately INR 7.95 Cr.
This marks the second instance of increment in ideaForge’s ESOP pool size within a month, reflecting the company’s commitment to rewarding its workforce amidst ongoing business developments.
Recently, ideaForge also made headlines with its strategic investment in Bengaluru-based spacetech startup GalaxEye Space, underscoring its diversification and growth strategy beyond core drone manufacturing operations.
The company has been proactive in exploring new markets, including a reported interest in entering the US market amid geopolitical shifts favoring non-Chinese drone suppliers.
Founded in 2007, ideaForge has established itself as a key player in the drone manufacturing sector, catering primarily to industries such as defence, construction, mining, and agriculture.
The company’s public debut last year saw a substantial premium to its IPO price, reflecting investor confidence in its growth prospects.
Despite a recent decline in consolidated profit after tax (PAT), ideaForge reported a significant quarter-on-quarter revenue increase, highlighting robust operational performance in the March quarter of the financial year 2023-24.
The expansion of its ESOP scheme aligns with broader industry trends, where startups like Zomato, Delhivery, Nykaa, Paytm, PB Fintech, and Tracxn, are increasingly leveraging stock options to attract and retain talent.
As per industry reports, ESOPs have become a pivotal tool for startups aiming to bolster employee engagement and loyalty, particularly in competitive tech sectors.
With ongoing strategic investments and market expansions, ideaForge continues to position itself as a leader in the UAV industry, leveraging ESOPs to foster employee commitment amidst its growth trajectory.
