Swiggy Allots 1.28 Cr Shares Under ESOP Scheme

SUMMARY

Swiggy’s board approved the allotment of 1,28,96,462 equity shares under the Swiggy Employees Stock Option Plan 2024

The shares are being allotted at a face value of INR 1, while the exercise price for the allotted shares also stood at INR 1 per share

As per the stock’s closing price yesterday, the newly allotted equity shares are worth INR 443.31 Cr (around $52 Mn)

Listed foodtech major Swiggy’s board has approved an allotment of 1.28 Cr equity shares under its employee stock option plan (ESOP).

As per the company’s regulatory filing yesterday, its board approved the allotment of 1,28,96,462 equity shares under the Swiggy Employees Stock Option Plan 2024 to its eligible employees.

The shares are being allotted at a face value of INR 1, while the exercise price for the allotted shares also stood at INR 1 per share.

As per the stock’s closing price of INR 343.75 per share yesterday, the newly allotted equity shares are worth INR 443.31 Cr (around $52 Mn).

Swiggy’s stock has notably been volatile today, where it went marginally up to INR 345.15 apiece on the BSE, but it was last down about 1% at INR 341.20 per share as of 01:49 PM.

Since the start of this year, the company allotted 2.61 Cr equity shares in January, followed by 1.71 Cr shares and 8.64 Lakh shares in the month of February, under multiple ESOP schemes.

Earlier this month, the foodtech unicorn signed a memorandum of understanding (MoU) with the labour & employment ministry to list gig job roles on the government’s National Career Service (NCS) portal, through which the government expects to mobilise 12 Lakh job opportunities for gig workers in the next 2-3 years.

Meanwhile, Swiggy also rolled out its professional service marketplace Pyng, that helps connect users to verified service professionals, including health and wellness experts, financial advisors, astrologers, travel and education experts, among others.

Though the app is open for users to download and avail online services offered by these professionals across India, users can avail offline services only in Bengaluru.

On the financial side, the foodtech major’s consolidated net loss rose 39.1% to INR 799 Cr in the third quarter of the ongoing financial year (FY25) from INR 574.4 Cr in the year-ago quarter.

Operating revenue zoomed nearly 31% to INR 3,993.1 Cr during the quarter under review from INR 3,048.6 Cr in Q3 FY24.