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OYO To Script An ESOP Fable: Share Holders May Reap Close To $200 Million As Rs 50-Crore Buyback Being Planned
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India’s second most valuable startup, OYO rooms, is set to hold a share buyback plan in January, which is the initial series of programmes that is expected to yield, both current and former employees, a total of $150-$200 million by 2021-22. Shares which are estimated to be around Rs 40 to 50 crore are set to be offered by 250 Employee Stock Ownership Plan (ESOP) holders in the first round.
“As part of this effort, eligible option holders, both existing and ex-employees, will be rewarded for their loyalty and value created over the last four years by way of liquidating a portion of their stock options,” said the Chief Human Resource Officer at OYO, Dinesh Ramamurthi, reports Live Mint.
Many internet giants like Flipkart, Paytm and Ola have been seen to offer their ESOP holders cash. With Flipkart having the highest number of ESOP repurchase programmes, Swiggy spending about $4 million earlier this year to buyback ESOPs from its employees, logistics startup Rivigo spending around ₹71 crore to buyback ESOPs and earlier this month, Urban Clap facilitating an ESOP repurchase programme worth $2-2.5 million, OYO’s ESOP repurchase plan caps what has been its best-ever year.
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