![]() ![]() In December last year, PhonePe launched its ESOPs program where it allotted ESOPs to all its 2,200 employees starting at a minimum of INR 3.5 lakhs, cumulatively worth INR 1500 crores. ![]() Almost 75% of our current workforce is eligible to participate in the current buyback offer, and for most it’s the first time in their careers that they’ve either owned ESOPs or had a chance to liquidate them.” All these employees will complete the one year cliff of their stock vesting next month, so it’s a great time to offer some liquidity to everyone. In exchange for the risk taken by this overallotment, the underwriter gets a greenshoe option from the clients, that will allows the underwriter to buy back the oversold shares, at the price of the IPO, from the clients. All other current employees can sell upto 25% of their vested stock.Ĭommenting on the development, Manmeet Sandhu, Head of HR, PhonePe said, “Last December, we had launched a new PhonePe ESOPs plan and issued ESOPs to 100% of our employees across levels, functions and grades. According to one person close to the Skype situation, buy-out investors forge an unspoken pact with their employees: see it through to the end (which often comes with an exit after three-four.The company’s top leadership can sell upto 10% of their vested stock. The timing and total amount of stock repurchases will depend upon market conditions and may be made from time to time in open market purchases.The company’s founders will not be participating in the buyback.The Buyback offer follows a three tier model, based on seniority: ![]() PhonePe, digital payments platform announced a buyback of employee stock options (ESOPs) worth ~INR 135 crore.
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