Wednesday, July 24, 2024

Zomato Gets Shareholders’ Approval for ESOP Plan

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Food delivery aggregator Zomato has received shareholders’ approval to expand its employee stock option plans (ESOP), according to a report by The Economic Times. The company has proposed an ESOP pool of 183 million shares, which would dilute 2% of the stake for existing shareholders.

More than 75% of the shareholders who voted on the ESOP proposal supported the resolution, as disclosed by the company on Monday evening. The company announced that the shares issued would be valued at over Rs 3,000 crore, based on the stock’s closing price on Monday.

Following this, the company has withdrawn its application with the Reserve Bank of India to register as a non-banking financial company (NBFC). Zomato decided not to pursue its lending or credit business any further, as stated in a separate filing on Tuesday.

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