The stock options would vest over a period of four years from the date of grant
While 10% of the newly granted ESOPs will vest on completion of 12 months from the date of grant, 30% will vest within 24 months
As per the stock’s last closing price on Tuesday, the new stock options are valued at over INR 1.45 Cr
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Listed logistics major Delhivery has alloted 36,525 stock options under the Delhivery Employees Stock Option Plan 2012.
“… the Nomination and Remuneration Committee of the Board of Directors of the Company has approved the grant of 36,525 stock options under Delhivery Employees Stock Option Plan 2012 (“ESOP-2012”) to the eligible employees of the Company on Tuesday, July 02, 2024,” the startup said in an exchange filing.
The stock options would vest over a period of four years from the date of grant.
While 10% of the newly granted ESOPs will vest on completion of 12 months from the date of grant, 30% will vest within 24 months. The remaining stock options will vest at a rate of 15% every 6 months thereafter.
As per the stock’s last closing price on Tuesday, the new stock options are valued at over INR 1.45 Cr.
Last month, Delivery allocated 11.06 Lakh ESOPs.
Back then the startup said it issued over 2.85 Lakh equity shares under Delhivery ESOP 2012, over 3.49 Lakh equity shares under ESOP II 2020, and over 4.70 Lakh equity shares under the ESOP III 2020 scheme.
Prior to that, in May, the startup issued 75,000 stock options under ESOP-2012.
It is pertinent to note that Delhivery incurred a consolidated loss of INR 69 Cr in Q4 of FY24 as against a net profit of INR 11.7 Cr in the preceding quarter. Revenue from operations declined 5% on a quarterly basis to INR 2,076 Cr in Q4 on the back of a reduction in express parcel and cross-border service volumes.
ESOPs are used by organisations, especially startups, to reward and retain employees. In recent times, a number of listed new-age tech startups have announced allotment of ESOPs.
For instance, Paytm allotted over 87,000 ESOPs in May, while Policybazaar parent PB Fintech allocated over 48 Lakh ESOPs in June.
Besides, a number of startups, including DeHaat, XYXX, and Purplle, have announced ESOP buyback programmes in recent times to provide liquidity to employees.
Shares of Delhivery ended today’s session 0.38% lower at 397.95 on the BSE.
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