Poonawalla Fincorp has announced a significant enhancement to its employee benefits by offering 5,00,000 stock options to eligible employees. The move is a part of its Employee Stock Option Plan (ESOP) for 2024.
This initiative received approval from the company’s Nomination and Remuneration Committee during a meeting held on 2 September 2024. The stock options will be available at an exercise price of Rs 390.60 per share. Furthermore, the options will vest according to the guidelines of ESOP-2024 – Scheme II, adhering to the regulations set forth by the Securities and Exchange Board of India (SEBI).
The decision to grant stock options to employees reflects Poonawalla Fincorp’s strategy to reward its workforce while maintaining a focus on sustained growth and enhanced financial performance. This move aligns with the company’s broader objectives of fostering employee loyalty and driving long-term success.
This is the second time in 2024, that the company has allotted share options to its employees.
Earlier, in June, the company allotted a total of 2,000,000 and 2,30,000 stock options to eligible staff members, under its ESOP-2024 Scheme-II. The move aligned and complied with the periodically updated SEBI (Share Based Employee Benefits & Sweat Equity) Regulations, 2021.
The objective of the company was to reward the hard work of the employees and also retain its ace talent by giving them an opportunity to be part-owners in the company’s growth.
