A new $458 million employee stock ownership plan (ESOP) has been introduced by food tech giant Zomato.
Zomato’s board has received approval from shareholders to award 18,26,27,402 ESOP options under its new plan, increasing the total number of ESOP options to 31,07,80,714 options, as per the company’s regulatory filing accessed via the National Stock Exchange.
According to Fintrackr’s estimates, the total value of the ESOP pool is Rs 6,609 crore, or $796 million, while the newly added ESOPs are valued at Rs 3,800 crore, or $458 million.
Zomato’s share price reached an all-time high of Rs 209.84 today, following the approval of the ESOP. The company’s total market value now stands at Rs 1,84,060 crore, or $22.17 billion, as a result of this.
A separate disclosure states that Zomtao has voluntarily withdrew its application for a certificate of registration to conduct NBFC business from the Reserve Bank of India because it no longer plans to pursue the lending and credit business.
The Zomato company was served with a Rs 9.5 crore GST demand notice earlier this week. After receiving a penalty notice for Rs 184 crore in April of this year, this is the Gurugram-based company’s second GST notice.
In FY24, the business expanded rapidly. From Rs 7,079 crore in FY22 to Rs 12,114 crore in FY24, Zomato’s operating revenue increased 71% year over year.
In FY24, the business expanded rapidly. From Rs 7,079 crore in FY22 to Rs 12,114 crore in FY24, Zomato’s operating revenue increased 71% year over year. Additionally, the company’s FY24 profits were Rs 351 crore, compared to a loss of Rs 971 crore in FY23.
