Tracxn Allots Another 3.6 Lakh Shares Under ESOP Plan

Marker intelligence platform Tracxn Technologies has announced the allotment of 3.6 Lakh equity shares to eligible employees under its Employee Stock Option Plan 2016 (ESOP 2016).

In an exchange filing on Saturday (July 6), the startup said its Nomination and Remuneration Committee has approved the allotment at an exercise price of INR 1 per equity share.

As per the stock’s last closing, the value of these shares translates to INR 3.5 Cr.

With the new ESOP allotment, Tracxn’s total paid-up share capital has increased to 10.45 Cr from INR 10.41 Cr earlier.

The options can be exercised within a period of five years from the date of vesting of the respective options.

The new allotment comes a month after the startup allotted 2.06 Lakh shares under the ESOP 2016 plan on June 7, raising the total paid-up share capital to INR 10.41 Cr from 10.39 Cr.

Prior to that, Tracxn allotted 1.99 Lakh shares as part of the ESOP 2016 plan in May.

In the March quarter of FY24, Tracxn reported a profit after tax (PAT) of INR 1.42 Cr. This was a sequential decline of 36% but a 13% increase on a year-on-year (YoY) basis.

As per the company’s earnings report for the quarter ended March 31, 2024, it recorded INR 1.61 Cr as ESOP expense. The ESOPs granted and outstanding as of March 31, 2024 stood at 71.97 Lakh.

Tracxn’s FY24 PAT declined a massive 80% YoY to INR 6.50 Cr, while operating revenue rose a mere 7% YoY to INR 87.03 Cr.

After a decline in its share price in May following the earnings report, the stock started gaining momentum from the beginning of June. Over the last one month, it has gained over 24% on the BSE. The shares ended Friday’s (June 5) trading session 0.3% higher at INR 96.87 on the BSE.