ideaForge Expands ESOP Pool, Allots 2.6K Stock Options

SUMMARY

The drone manufacturer has approved allotment of 2,608 equity shares under its Employee Stock Option Scheme 2018

Post allotment, the company's paid-up capital increased to INR 43.03 Cr comprising 4.30 Cr equity shares

The shares will rank pari-passu with existing equity shares of the company in all respects

Drone technology company IdeaForge has expanded its employee stock option plan (ESOP) pool by allotting additional equity shares under its ESOP 2018 scheme.

In an exchange filing today (November 11), the company announced that its executive committee has approved the allotment of 2,608 equity shares having face value of INR 10 each towards the exercise of vested stock options under the ideaForge Employee Stock Option Scheme, 2018.

The shares will rank pari-passu with existing equity shares of the company in all respects, according to the filing.

Following this allotment, the paid-up capital of the company has increased from INR 43.03 Cr comprising 4.30 Cr equity shares to INR 43.03 Cr comprising 4.30 Cr equity shares of INR 10 each fully paid-up.

This allotment follows the company’s previous ESOP expansion in October when it allotted 1,450 equity shares, and September’s allotment of 3,936 equity shares under the same ESOP 2018 scheme.

The company reported a consolidated net loss of INR 13.7 Cr in Q2 FY25, compared to a net profit of INR 89.20 Lakh in the year-ago period. While its operating revenue grew 56.52% YoY to INR 37.1 Cr in Q2 FY25, the company reported an EBITDA loss of about INR 10 Cr during the quarter.

The Mumbai-based company, founded in 2007, is listed on both BSE and NSE. It manufactures unmanned aerial vehicle (UAV) systems for inspection, surveillance and mapping applications. The company is headquartered at EL-146, TTC Industrial Area, MIDC Mahape, Navi Mumbai.

On Monday, shares of ideaForge were trading at INR 621.55 on the BSE, down 0.06% from its previous close of INR 621.95.