Food delivery major Swiggy has alloted 2.61 crore shares under various employee stock ownership plan (Esop) schemes, the company said on Thursday.
In a filing exchange dated January 25, Swiggy stated it has “approved the allotment of 2,61,93,411 equity shares of the Company pursuant to the exercise of stock options by the eligible employees, under Swiggy ESOP Plan 2015 & Swiggy ESOP Plan 2021.”
With this, Swiggy’s paid-up equity share capital increased to INR 2.26 crore from INR 2.23 crore, the filing stated.
Swiggy has rolled out three Esop plans so far—one each in 2015, 2021 and 2024. This aggregates to a pool of almost 230 million shares.
As of Swiggy’s last trading price of INR 448.85 on Friday, the Esop allocation is worth INR 1,171 crore.
The trend of Esop allocation, made famous early on by IT services majors such as Infosys, is especially prevalent in consumer internet firms. Typically, these companies typically grant additional stock options to founders and senior management as incentives ahead of a public listing. However, the wealth creation opportunity for a broader set of employees can have multiple ripple effects.
Over a dozen new-age companies have facilitated Esop buybacks this year, including Swiggy, Meesho, Purplle, Urban Company, Whatfix, Pocket FM, Dehaat and MyGate.
