On 4 September 2023, IIFL Finance announced the launch of a employee stock ownership plan (ESOP) scheme valued at Rs 180 crore, which is reportedly the largest in the Banking, Financial Services and Insurance (BFSI) space.
The ESOP programme is set to benefit approximately 4,000 frontline employees across 25 states and five union territories. Among the eligible recipients are call-centre executives, gold loan appraisers, branch managers and various other essential zonal sales personnel. These ESOPs will be granted to employees who have accumulated a minimum of two years of experience with the company and have consistently been performing extraordinarily well.
Under this scheme, ESOPs are allocated with a value equal to up to 100 per cent of the cost-to-company for frontline sales employees. This generous offering not only recognises the significant contributions of these employees but also aligns their interests with the long-term success of IIFL Finance.
IIFL Finance’s growth is underscored by the fact that it has doubled its branch network to a whopping 4,400 branches in merely three years. Additionally, the company reported a substantial profit of Rs 1,608 crores in the financial year 2023 and an Assets Under Management (AUM) of Rs 68,178 crores as of June 2023.
Thanks to its outstanding performance, IIFL’s share price has also gone up, from just Rs 65 to approximately Rs 600 at present.
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