On 26 October, 2023, Oracle Financial Services Software (OFSS), a subsidiary of Oracle Corporation specialising in financial and insurance technology, unveiled a significant development regarding the distribution of equity shares to its employees through the employee stock option plan (ESOP).
During a meeting held on the aforementioned date, the company allocated a total of 10,736 equity shares, each with a nominal value of Rs 5, to eligible employees who had previously exercised their stock options under the OFSS stock plan of 2014. This announcement was made through an official filing with the stock exchange.
Following this allocation, the company’s paid-up capital has been elevated to Rs. 433,067,855, comprising a total of 86,613,571 equity shares, each having a face value of Rs 5.
OFSS specialises in delivering comprehensive banking software solutions, encompassing cloud-based offerings, banking payment solutions, revenue management tools, cloud infrastructure services, and applications for financial services analysis.
Log 9 Materials announced a Rs 1.5 crore ESOP buyback programme for 17 employees, both long-serving and new, on 26 October, 2023. This follows a similar programme of nearly Rs 1 crore from the previous year. The company plans to make ESOP buybacks a regular practice in the years ahead, demonstrating their commitment to sharing their success with those who’ve contributed to their growth.
The company manufactures cutting-edge battery technology, with a primary emphasis on lithium-titanium-oxide batteries designed for electric vehicles (EVs). Log 9 Materials initially ventured into the market with graphene-enhanced products like air and oil filters before shifting its focus to the EV industry by introducing the RapidX battery range.