Welcome back to the latest edition of Fables of ESOPs! As we embrace the festive season, let's unwrap the latest tales from the ESOP from the month of November. November has brought forth some exciting developments which we will cover in this blog. Let’s dive in:
1. boAt grants over 9.5 Lakh ESOP Options Worth $9 Million
D2C consumer electronics brand boAt has expressed gratitude to its employees by bestowing a substantial 9,55,523 ESOPs, amounting to an impressive $9 million. The board, through a special resolution, has enabled employees to be stakeholders in the brand's success, emphasizing a commitment to shared prosperity.
2. WIPRO's Equity Shares Allotment under ADS Restricted Stock Unit Plan 2004
WIPRO, a stalwart in the IT industry, has allocated 88,386 equity shares under its ADS Restricted Stock Unit Plan 2004. This move, executed on November 24, 2023, exemplifies the company's dedication to rewarding its workforce through the exercise of ESOPs.
3. InGovern Raises Regulatory Concerns Against Religare Enterprises
InGovern Research, a proxy advisory firm, has raised concerns regarding Religare Enterprises, alleging regulatory breaches and highlighting concerns about excessive remuneration to its Chairman, Rashmi Saluja. The report underlines issues such as the issuance of CARE shares through ESOPs without IRDAI approval and a lack of shareholder consent, prompting a call for a regulatory probe.
4. SBI Life's Employee Stock Option Scheme 2018 allotted new shares to its employees
SBI's Board Stakeholders’ Relationship & Sustainability Committee, in a resolution on November 17, 2023, allotted 70,889 equity shares under the 'SBI Life Employee Stock Option Scheme 2018.' This move underscores SBI's commitment to empowering its employees through the exercise of vested stock options.
5. ICICI Bank's ESOP Allotment: 195,825 new Equity Shares Issued
On November 13, 2023, ICICI Bank issued 195,825 equity shares with a face value of Rs 2 each under the ICICI Bank Employees Stock Option Scheme-2000. This further solidifies ICICI Bank's commitment to recognizing and rewarding the contributions of its workforce.
6. Mamaearth's Block Deal: Allots ₹150 Crore through ESOPs
In a notable development, employees at Honasa Consumer Care, Mamaearth's parent company, are preparing for a block deal potentially involving ESOP shares valued at ₹150 crore. According to reports from CNBC-Awaaz, the transaction is expected to occur at a discounted rate of 5–7% from the current market price of ₹477.10. This highlights the increasing prevalence of ESOP liquidity programs, offering employees the chance to actualize the worth of their vested options.
7. Wealth Creation Insights: Top Deck Gains Over $1 Billion in 2 Financial Years
In a fascinating revelation, ESOP Direct - A Qapita Company, has compiled data showcasing that senior to top management of 12 large-sector frontline companies in Nifty 50 potentially created over $1 billion in wealth during the last 2 financial years. This insight sheds light on the instrumental role ESOPs play in wealth creation and value appreciation for key contributors.
As we are close to concluding this year, these stories reflect the continued evolution and impact of ESOPs in shaping the success stories of organizations and individuals alike. Let us all hope for a prosperous and ESOP-filled 2024.
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