CarTrade Technologies has expanded its ESOP pool by allocating an additional 50,000 shares at an exercise price of INR 472 per share, increasing the company's paid-up share capital to INR 47.30 Cr.
The allotment follows recent moves to incentivise employees, including a grant of 100,000 ESOP options in July under the 2021 scheme.
CarTrade, founded in 2009, operates a broad auto marketplace and competes with platforms like CarDekho, Droom, and CARS24 in India's online automotive classifieds market.
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Online classifieds and auto auction platform CarTrade Technologies has expanded its employee stock option plan (ESOP) pool by allocating an additional 50,000 shares to its employees.
In a regulatory filing today (August 13), the company said that its board has approved the allotment of shares to eligible employees pursuant to the exercise of vested options under ESOP 2015.
The company has set the exercise price per share for the stocks option under this allotment at INR 472, a premium of INR 10 apiece.
As per the stock’s last closing, the value of these shares translates to approximately INR 4.54 Cr.
Following this allotment, the company’s paid-up share capital has increased to INR 47.30 Cr from INR 47.25 Cr earlier. The total issued shares after this allotment stand at 4,73,00,085 (4.7 Cr).
This fresh allotment comes as part of CarTrade’s ongoing efforts to incentivise and retain talent in 2024.
In April, the company set aside an additional 3.04 Lakh equity shares under its ESOP schemes. This was followed by an allotment of 28,000 stock options worth approximately INR 2.34 Cr in July. On July 30, the company further granted 100,000 ESOP options under its 2021 scheme.
Founded in 2009 by Vinay Sanghi and Rajan Mehra, CarTrade operates an auto marketplace selling products across all vehicle types and value-added services.
It counts brands like CarWale, BikeWale, CarTradeExchange, Shriram Automall, Adroit Auto, and Autobiz under its belt. Besides, the company provides services for buying and selling new and used vehicles, as well as technology solutions for OEMs and dealers.
The company competes with players like CarDekho, Droom, and CARS24 in the growing online automotive classifieds market in India.
CarTrade saw its profit after tax jump to INR 22.52 Cr in the fourth quarter of the financial year 2023-24. Operating revenue zoomed to INR 160.613 Cr during the quarter, up from INR 116.597 Cr the previous year.
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