Swiggy Grants Over 71 Lakh Stock Options Under ESOP Plan 2024
Swiggy Limited has approved the grant of stock options under its Employee Stock Option Plan 2024. The Nomination and Remuneration Committee (NRC) of the Board of Directors granted a total of 71,72,343 stock options to eligible employees as part of the ESOP initiative.The allocation was made under the ESOP 2024 scheme. This plan outlines various terms regarding how the stock options can be exercised and what recourse exists in different employment scenarios.
Key details concerning the stock option grant include:
| Scheme | Total Options Granted | Conversion Rate | Exercise Price |
|---|---|---|---|
| ESOP 2024 | 71,72,343 | Each option converts to one equity share (Face Value ₹1) | Re ₹ 1/- per stock option |
The scheme is compliant with the provisions of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.
Option Exercise Terms
Each stock option granted under the ESOP Plan 2024 is convertible into one fully paid-up equity share having a face value of ₹1 each. The exercise price for these options is Re ₹ 1/- per stock option.
The stock options are eligible for exercise at any time following the Vesting Period and up until the liquidation of the Company, provided the Optionee remains an employee. A specific term details that if an Optionee ceases employment for reasons other than Cause or abandonment, the vested Options must be exercised within 36 months from the date of cessation of employment.
The Scheme also provides provisions regarding how Stock Options would be handled in cases of death, permanent incapacity, resignation, and termination. The equity shares allotted upon exercise of the Stock Options will not be subject to any lock-in period.
SWIGGY Stock Price Movement
Shares of Swiggy Limited slipped by 0.53% to settle at ₹247.68 today, closing down ₹1.32 from the previous close. The stock traded within a single-day range, finding support near ₹247.41 before touching a high of ₹254.43.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.