Poonawalla Fincorp announces 22,30,000 stock options to employees under ESOP 2024 scheme-II

Poonawalla Fincorp Limited has announced the grant of stock options under the Employee Stock Option Plan-2024 Scheme-II (ESOP-2024 Scheme-II). According to an exchange filing, the Nomination and Remuneration Committee of the Board of Directors made the decision on June 17, 2024.

As per the announcement, a total of 2,000,000 and 230,000 stock options were granted under Tranche-04 and Tranche-05 of ESOP-2024 Scheme-II to eligible employees. The exercise prices for these options are set at Rs. 471.55 and Rs. 438.53 respectively. The vesting of these stock options will follow the schedule outlined in the ESOP-2024 Scheme-II.

The Stocks of Poonawalla Fincorp were trading at ₹437.20 at 11:55 am on the BSE, down 0.02 per cent. Poonawalla Fincorp has a market capitalisation of ₹33,872.62 crore. Poonawalla Fincorp's stock is currently trading down over 15 per cent, from its 52-week high of ₹519.70  it hit on January 19, 2024.

This initiative is aligned with the SEBI (Share Based Employee Benefits & Sweat Equity) Regulations, 2021, which have been updated periodically. The company has ensured compliance with these regulations in the implementation of the stock option plan.

The company claimed that the stock options is aimed at rewarding and retaining talented employees by providing them with a stake in the company’s growth, thereby aligning their interests with those of the shareholders.