Delhivery grants 1 lakh stock options to employees

Synopsis

Delhivery has granted over 1 lakh stock options to employees under its ESOP 2012, effective May 1. The options, exercisable at Re 1, will vest over four years, with a portion vesting after 12 months and the remainder over subsequent periods. This move aims to retain talent through equity participation and wealth creation.

In a filing with the stock exchanges, new-age logistics company Delhivery said it has granted 1,00,360 stock options to eligible employees under its Employee Stock Option Plan 2012 (ESOP 2012), effective May 1.

The company's board approved the grant on May 4. Each option is convertible into one fully paid-up equity share with a face value of Re 1, and the exercise price has also been set at Re 1 per share.

The stock closed at Rs 467.30 on Monday on the BSE.

Of the total options granted, 88,360 will vest over four years: 10% after 12 months, 30% after 24 months, and 15% every six months thereafter, the filing stated.

For the remaining 12,000 options, 40% will vest after 12 months and 15% every six months after that.

Newly allotted shares will carry no lock-in period and will rank equally with existing equity shares from the date of allotment.

Esops are a popular way for new-age companies to retain talent through equity participation and wealth creation. The Gurugram-based Delhivery has been regularly issuing Esop grants, having awarded options in April as well.