Online food delivery platform Zomato has successfully received shareholders’ approval to establish a new employee stock option pool (ESOP) of 18.2 crore shares. Despite 25% of the shareholders voting against the proposal, the plan was approved with a 75% majority.
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- Zomato received shareholder approval for a new ESOP pool of 18.2 crore shares.
- 75% of investors voted in favour, while 25% opposed the plan.
- At a current market price of Rs 208 per share, the ESOP pool is valued at approximately Rs 3,800 crore.
- The primary opposition came from institutional shareholders, with around 32% voting against the resolution.
- Institutional supporters of Zomato include Fidelity Investments, Temasek, CPPIB, and Vanguard.
- Zomato’s CFO, Akshant Goyal, emphasized the importance of ESOPs for fostering long-term thinking and innovation among senior employees.
- The new ESOP pool represents 2% of Zomato’s equity.
- Last month, Zomato invested Rs 300 crore in its quick commerce arm, Blinkit.
- Blinkit is projected to surpass Zomato’s core food delivery business.
- Additionally, Zomato plans to invest Rs 100 crore in Zomato Entertainment, its events arm for concerts, parties, and festivals.
