ideaForge Allots 32K Shares Under ESOP Scheme; Shares Slide 3%

Shares of IdeaForge fell as low as 3.2% to INR 417.05 apiece during the intraday trading session on the BSE today (February 11), compared to its previous close of INR 430.85 per share, yesterday.

ideaForge shares are set to end in red for the seventh straight session if the current loss holds.

Meanwhile, the drone manufacturing startup’s board has approved an allotment of 31,716 equity shares under its existing employee stock option plan (ESOP).

Based on the stock’s closing price yesterday (February 10), the newly allotted equity shares are worth INR 1.36 Cr.

In an exchange filing yesterday (February 10), the startup said that its board approved the allotment of 31,716 equity shares at a face value of INR 10 each to eligible employees upon exercise of vested options under the ideaForge Employees Stock Option Scheme, 2018.

After the fresh allotment, the issued and paid-up equity share capital of the drone maker has increased to INR 43.07 Cr from INR 43.04 Cr earlier.

The market capitalisation of the company currently stands at INR 1,798 Cr.

In the past 12 months, the stock has lost 41.6% in value, as of its last close.

This development comes at a time when the company has been allotting multiple rounds of ESOPs for its eligible employees at frequent intervals.

For instance, the company previously allotted 8,198 equity shares under the same scheme, in January.

Prior to that, ideaForge also allotted 4,126 equity shares in December 2024, 2,608 equity shares in November, 1,450 shares in October and 3,936 shares in September, respectively.

On the financial front, the Mumbai-based company reported a consolidated net loss of INR 13.7 Cr in the quarter ending September 2024 (Q2) as against a net profit of INR 89.20 Lakh in the year ago period. Its operating revenue rose about 56.52% to INR 37.1 Cr during the quarter from INR 23.7 Cr in Q2 FY24.