Through an exchange filing, Indigo Paints, an India-based paint manufacturing company, has issued 19,740 equity shares to its employees. The allotment is a part of company’s Employee Stock Option Scheme 2019. The decision was passed by its Nomination and Remuneration Committee.
The equity shares (as per the employee stock scheme) will hold the value as the company’s current equity shares. Each share will hold a nominal value of Rs 10.
Companies increasingly allocate ESOPs to foster a sense of ownership, aligning employees with the company’s growth and success. This helps improve company’s talent retention, providing a long-term incentive for skilled employees to remain with the organisation. Furthermore, ESOPs attract top-tier talent seeking both financial rewards and a stake in the company’s performance.
As a result of this allocation, the company’s issued, subscribed, and fully paid equity share capital has been raised from 4,75,88,282 equity shares with a par value of Rs 10 each, totalling Rs 47,58,82,820, to a total of 4,76,08,022 equity shares with a par value of Rs 10 each, amounting to Rs 47,60,80,220.
Indigo paints was established in the year 2000 by Hemant Jalan, a chemical engineer with a minimal capital infusion of Rs 1 lakh. The foundation of the business was laid using a small chemical unit in Patna and an industrial facility in Jodhpur.
By the fiscal year 2020, the company achieved revenues amounting to Rs 625 crore, accompanied by a net profit of Rs 48 crore. Presently, Indigo Paints operates three manufacturing plants located in Rajasthan, Kerala, and Tamil Nadu. The company has also ventured into the stock market and is listed on both the NSE and BSE.
