ESOPS
Purplle closes Rs 1,000 crore funding deal led by Abu Dhabi Investment Authority
Purplle has also announced a Employee Stock Ownership Plan (Esop) liquidity programme and will offer liquidity of Rs 50 crore to its employees. Company cofounder and CEO said they will constantly innovate their technology to provide the best for their customer. Purplle is one of the fastest-growing retailers in the beauty and personal care (BPC) segment, having grown its GMV by four times over the last three years.
ESOPs exempt from GST, barring where foreign companies charge additional amount
The Central Board of Indirect Taxes and Customs (CBIC) clarified that multinational companies offering Employee Stock Purchase Plans (ESPPs), Employee Stock Option Plans (ESOPs), or Restricted Stock Units (RSUs) without additional charges will not attract GST. This decision benefits tech giants like Google, Microsoft, Oracle, and Walmart, alleviating tax litigation concerns
SBI General Insurance appoints Naveen Chandra Jha as MD & CEO
During the year ended on March 31, 2024, the bank infused additional capital of Rs 489.67 crore in SBI General Insurance Company Ltd. The company has also allotted ESOP (Employee Stock Ownership Plan) to employees and consequently, the bank's stake has decreased from 69.95 per cent to 69.11 per cent.
Nykaa grants 4.73 lakh shares under Esop scheme
FSN E-Commerce Ventures, operating Nykaa, allotted 4,73,138 equity shares under Esop scheme. Shares valued at Rs 8.08 crore. Managing director Falguni Nayar foresees $90-billion market growth.
ITC Hotels to have a net worth of Rs 10,000 crore and debt-free balance sheet
As of March 2024, ITC Hotels' capital structure stood at approximately Rs 207.85 crore. However, this figure may see slight adjustments on the listing day due to the issuance of shares under the ESOP scheme, according to Puri. This information was shared with shareholders on Thursday during an NCLT-convened audio-visual meeting of ITC Ltd shareholders concerning the demerger process.
SaaS company AiDash launches first ESOP buyback plan for employees
The company says the buyback, which comes on the back of its $58.5 million series C funding round, underscores its commitment to shared wealth creation.
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IRDAI probes Care Health's stock option issue to Saluja
IRDAI revealed that a probe into stock option allotment to Saluja is on in response to a query raised by Rahul Kanoj under the Right to Information Act (RTI) to the insurance regulator. The regulator said in its response, "The information sought is not furnished as the same would impede the process of investigation or apprehension." ET has seen IRDAI's response to the RTI query.
A quarter of hits & a few misses; and other top tech, startup stories
Welcome to another edition of ETtech Unwrapped – our weekend newsletter. This is Pranav Mukul in New Delhi. This week we’ve wrapped up another compelling quarterly earnings season for listed new-age companies from Zomato and Delhivery to Paytm and PB Fintech.
Urban Company announces fifth Esop sale programme worth Rs 203 crore
Existing investors Vy Capital and Prosus Ventures, and Dharana Capital, an offshoot of Vy Capital, will be purchasing a majority of these shares from both current and former employees
Paytm Q4 Results: Loss widens to Rs 550 crore; revenue drops 3% YoY
Paytm Q4 Results: The fintech major's March quarter results were impacted by temporary disruptions on account of the UPI transition and permanent disruption because of the payments bank embargo. The company said Payment Bank's products like Paytm wallet and FASTag were distributed but due to the current embargo, it anticipates a steady state of an annualised direct impact on EBITDA to be around Rs 500 crore.
Nykaa makes Rs 7.17 crore Esop allotment ahead of Q4 results
Companies typically expand their Esop pool to attract and retain talent, align employee and shareholder interests, and enhance overall performance. Private startups also institute buybacks of Esops to help create wealth for employees.
IRDAI relaxes procedural norms on expense of management, share transfer
IRDAI introduces new Master Circular, streamlining application procedures, ESOPs compliance, share transfers, and specifying timelines for prior approval and amalgamation guidelines. Reporting for capital forms and lock-in periods clarified.
PB Fintech's Dahiya, Bansal likely to sell stakes worth Rs 1,053 crore
Dahiya plans to sell up to 54 lakh shares, while Alok Bansal intends to sell up to 29.70 lakh shares, valuing the deal at about ₹1,053 crore at the floor price.
PB Fintech's top executives to offload marginal stakes; floor price at Rs 1,258
Substantial portions of the proceeds from the sale will be used to make the payment of taxes on current and future ESOP exercises. ESOPs are subject to payment of taxes on exercise in addition to the payment of capital gain tax on the sale of shares. Post the sale Yashish Dahiya will continue to have a 4.83% stake and Alok Bansal will have a 1.63% stake in PB Fintech on a fully diluted basis.
Zomato shares fall 6% on ESOP headache but target prices rise up to Rs 280. Should you buy, sell or hold?
Zomato Stock Price: Despite positive target price revisions from brokerages such as CLSA, Jefferies, Bernstein, and Elara, shares of foodtech platform Zomato experienced a decline of up to 6% to Rs 182.10 on Tuesday. CLSA raised the target price to Rs 248, Bernstein to Rs 230, Jefferies to Rs 230, and Elara Capital set the highest target at Rs 280 per share, all in response to the impressive Q4 results.
Zomato sees Esop costs rising on grant of stock options to Blinkit leadership
Costs incurred under the Esops head are non-cash expenses, and will rise in the ongoing fiscal “on account of grant of Esops to the Blinkit leadership team and senior employees,” the management said in a post-earnings call.
Esop non-disclosure triggers black money law
A number of resident individuals working in Indian subsidiaries and arms of offshore parents have recently received notices from the Income Tax (I-T) department which has pointed out amounts that either went undisclosed or untaxed or both.
From boardrooms to law firms: General counsels eye law firm opportunities
A recent survey of 300 general counsels and legal heads of companies has revealed that 43% of respondents are interested in career opportunities at law firms. The survey highlights a preference for stability among respondents, with many looking at law firm opportunities as retirement approaches or in the absence of in-house growth prospects. This trend is underscored by recent high-profile moves, such as former Ola Electric Mobility general counsel Sanjit Nagarkatti joining Economic Laws Practice.
'World Bank's biz-ready formula & startup concerns on budget agenda'
The Department for Promotion of Industry and Internal Trade (DPIIT) will take up for discussions lingering concerns of startups on issues around Angel tax, taxation of Employee Stock Option Plans and bank guarantee commitments in tenders in the upcoming budget to be presented after the general elections.
The Sleep Company rolls out second tranche of Rs 2.4 crore ESOP buyback for employees
“The Sleep Company introduced its ESOP programme three years ago, with the goal of providing employees with consistent wealth creation opportunities. We strongly believe that every employee must be rewarded for their contribution to the growth and success of the company and thus employees across the board will get the same amount of ESOP under the current plan,” Priyanka Salot, cofounder, The Sleep Company, said in the statement.
Paytm parent One97 Communication approves grant of 91,250 stock options
The Nomination and Remuneration Committee of the company's board has also approved allotment of fully paid-up 2,91,388 equity shares having face value of Rs 1 each to eligible employees under ESOP 2008 and 2019, as per a stock exchange filing.
Paytm parent One97 Communication approves grant of 91,250 stock options
Paytm parent company One97 Communications on Friday announced approval of grant of 91,250 stock options under ESOP 2019. The Nomination and Remuneration Committee of the company's board has also approved allotment of fully paid-up 2,91,388 equity shares having face value of Rs 1 each to eligible employees under ESOP 2008 and 2019, as per a stock exchange filing.
ESOPs for state-bank staff: For PSB employees, stock may be an option; decision likely after elections
The proposal to offer employee stock ownership plans or ESOPs, has been on the backburner for a while but it may advance after the Lok Sabha polls, said people familiar with the development. “There have been talks with government last month on issues pertaining to PSBs, including ESOPs,” abank executive said, adding that lenders will soon present a framework to the government.
Apple tops in blue-collar jobs; election merchandise now on ecommerce
Apple and its supplier network have become India’s leading blue-collar job creator since the start of the production-linked incentive scheme. This and more in today’s ETtech Top 5.
Pocket FM completes first ever Esop buyback worth $8.3 million
Pocket FM completes $8.3 million Esop buyback for 800 employees, with 25% Esops vested in the first year. Recently raised $103 million from Lightspeed Ventures and Stepstone Group, aiming for a $1.2 billion valuation with ADIA.
Pocket FM completes its first ESOP-buyback
Pocket FM, an audio series platform, has completed its first ESOP buyback valued at $8.3 million, allowing former and current employees with vested stocks to participate. Co-founder and CEO Rohan Nayak expressed pride in the team's achievement, highlighting their dedication and innovation despite economic challenges.
Flipkart tweaks merit approach, converts hikes into payouts
Flipkart changes increment policy, offering merit-linked payouts and 100% bonuses to employees. Lump sum payments replace salary hikes. Last year, Flipkart had frozen hikes of 30% staff including senior leadership among tough macroeconomic conditions. In January 2023, ET had reported that Flipkart has begun a workforce reduction exercise that could see its total team size decrease by 5-7% and be completed by March-April as part of performance reviews.
Burmans ask Care Health to claw back Rs 350 crore ESOPs given to Religare's Saluja
The Burmans have threatened the Care board that if it fails to nullify the employee stock options, then legal action will be taken against the directors, including attachment of their personal assets.
Meesho kicks off Rs 200-crore Esop buyback
Both current and former employees can participate in the buyback programme, its largest to date. Meesho said it had conducted similar buybacks of $1 million, $5 million and $5.5 million in February 2020, November 2020, and October 2021, respectively.
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