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PhonPe undertakes Rs 135 cr ESOP buyback PhonePe ESOP buyback

PhonPe undertakes Rs 135 cr ESOP buyback

India Blooms News Service | @indiablooms | 19 Nov 2021, 09:29 pm

Mumbai/IBNS: PhonePe has conducted ESOP buyback worth Rs 135 crore becoming one of the several companies that have made similar buybacks recently, media reports said.

The company's founders—Sameer Nigam and Rahul Chari—did not take part in the buyback programme, reported ET.

In December 2020, the app-based payments platform, which is part of Walmart Inc-controlled Flipkart Group, launched a Rs 1,500-crore ESOPs programme that gave all its employees with a minimum annual salary of Rs 3.5 lakh the option to buy the shares.

Most companies do not grant to all employees in an organisation, especially at the junior levels, the stock options.

According to the company's statement, its top leadership can sell upto 10 percent of their vested stock while all other current employees can sell up to 25 percent.

“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,” PhonePe’s HR head Manmeet Sandhu said.

Companies like Swiggy and Meesho also recently made similar buybacks.