ideaForge Technology Limited, a leading player in drone technology, has announced the allotment of 38,946 equity shares as part of the company’s Employee Stock Option Scheme (ESOP) 2018.
The allotment was sanctioned during a meeting on August 13, 2024. These equity shares, with a face value of ₹10 each, have been issued upon the exercise of vested stock options by eligible employees.
The newly issued shares will carry the same rights and privileges as the existing equity shares of the company, ensuring uniformity across the board.
Following this allotment, the company’s paid-up capital has seen a marginal increase, now standing at ₹43,02,49,000, up from ₹42,98,59,540.
This increase corresponds to a total of 4,30,24,900 equity shares, each fully paid up with a face value of ₹10.
This recent allotment follows previous ESOP distributions of 1,678 shares in June and 95,954 shares in July.
The startup aims to leverage these stock options to motivate and retain key personnel amid its ongoing expansion efforts.
Founded in 2007 by Ankit Mehta, Ashish Bhat, Rahul Singh, and Vipul Joshi, IdeaForge specializes in unmanned aerial vehicle (UAV) systems used for inspection, surveillance, and mapping across various sectors including defense, construction, mining, and agriculture.
The company went public in July 2023, debuting with a substantial premium of 94% over its issue price.
Despite its growth trajectory and recent expansion activities, such as partnerships with TechEagle and the acquisition of a stake in GalaxEye Space, IdeaForge has faced significant financial challenges.
Its profit after tax (PAT) plummeted by 94% to INR 1.2 crore in Q1 FY25 from INR 18.9 crore in the same quarter of the previous year.
Sequentially, PAT decreased by nearly 87% from INR 10.3 crore in Q4 FY24.
Additionally, the company’s operating revenue fell by 11.2% to INR 86.2 crore compared to INR 97.1 crore in Q1 FY24, and declined by 15.7% from the previous quarter.
