ideaForge has set the exercise price at INR 10 for a total of 1,450 equity shares allotted on Monday
The newly allotted stocks hold the value of INR 9.79 Lakh on the basis of stock’s closing price on Friday
This new issue came a month after the company has allotted 3,936 shares under ESOP 2018
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A month after allotting 3,936 equity shares under its employee stock option plans (ESOP) 2018, drone manufacturing startup ideaForge has now allotted additional 1,450 equity shares under the same plan.
In an exchange filing today (October 14), ideaForge said that its board has approved the allotment of 1,450 equity shares having face value of INR 10/- each towards the exercise of vested stock options.
“These shares shall rank pari-passu with the existing equity shares of the Company in all respects,” the filing said.
Under the ESOP 2018, the startup has set the exercise price at INR 10 for the total number of equity shares allotted.
Based on the stock’s closing price on Friday, the total value of the newly allotted stocks translated to INR 9.79 Lakh.
Following the allotment of the aforementioned shares, the total number of issued shares reached 4,30,28,836 from 4,30,30,286 before, as per the filing.
“Post allotment, the paid-up capital of the Company stands increased from INR 43,02,88,360/- comprising of 4,30,28,836 equity shares of INR 10/- each fully paid-up to INR 43,03,02,860/- comprising of 4,30,30,286 equity shares of INR 10/- each fully paid – up,” the filing added.
The shares of ideaForge ended today’s trading session down 1.24% at INR 675.40.
This comes a month after the Mumbai-based startup allotted 3,936 equity shares for the exercise of vested options under its ESOP 2018. The startup has set the exercise price at INR 10 per share in its last issue.
The drone manufacturer in September allotted 38,946 equity shares for the exercise of vested stock options under its ESOP 2018.
Founded in 2007 by Ankit Mehta, Ashish Bhat, Rahul Singh, and Vipul Joshi, ideaForge is a drone manufacturing startup that makes unmanned aerial vehicle (UAV) systems for inspection, surveillance and mapping. Its offerings span across sectors such as defence, construction, mining and agriculture.
In July, the listed startup picked up an undisclosed stake in Bengaluru-based spacetech startup GalaxEye Space for INR 8.28 Cr.
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