Delhivery’s board of directors approves 1.7 lakh shares for ESOPs
- ByStartupStory | January 6, 2023
The board of directors at logistics company Delhivery approved and distributed 1,70,676 shares, the company said to the stock exchange on Friday. As a result, the company’s paid-up share capital increases to Rs. 72,83,10,883 from Rs. 72,81,40,208.
“We wish to inform you that the Stakeholder Relationship Committee of Delhivery Limited on Friday, January 06, 2023, approved and allotted equity shares of face value Re 1 each against the exercise of vested Options,” the company told the stock exchange.
There are 87,976 shares in the Delhivery Employee Stock Option Plan 2012 (ESOP 2012) and 82,700 shares in the Delhivery Employee Stock Option Plan III 2020. (ESOP 2020). The allotted shares will be equivalent in standing to the company’s existing equity shares in all respects.
The Delhivery Employees Stock Option Plan 2012 saw the business accept the issuance of 46,219 stock options in December (ESOP 2012). It informed the exchanges that same month that it had authorised and distributed 12,55,568 equity shares with a face value of Rs. 1 apiece. Under the Delhivery Employee Stock Option Plan 2012 (ESOP 2012) and the Delhivery Employee Stock Option Plan III 2020, 6,82,168 and 5,73,400, respectively (ESOP 2020)
The company reported that it had revised ESOP charges of Rs 79 crores in its second-quarter earnings. About 30.2 million of the company’s stock options are still unvested but have been awarded, making up about 43.45 million total stock options.
Of the 43.45 million shares, roughly 22.2 million will only become exercisable if the company’s stock price reaches 800, 1,000, or 1,200 rupees per share.
“The costing which is expected for the options that have already been granted, based on time-based performance, is Rs 469 crores over next five years, including the current year. And for the performance based stock options are just Rs 97 crores over the next five years. So a total of about Rs 566 crores is expected, based on the grants that have happened so far,” shared Amit Agarwal, Chief Financial Officer during the earning call for Q2 of FY2023.
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