Zomato allots shares price Rs 200 crore to employees at Re 1 face worth | Markets News

New Delhi: Online meals supply platform Zomato, which goes via its worst part at Dalal Street, has allotted almost 4.66 crore shares to its staff from its worker inventory choice plan (ESOP) pool on the face worth of Rs 1. The board of administrators permitted the allotment of 4,65,51,600 fairness shares to staff upon train of vested inventory choices, in line with its submitting with the inventory exchanges. The whole allotment is price round Rs 200 crore (Zomaro’s share worth was hovering round Rs 43 on Wednesday).

“We wish to inform you that the nomination and remuneration committee of the board of directors of the company at its meeting held on July 25, 2022, has approved the allotment of 4,65,51,600 equity shares having a face value of INR 1 each , as fully paid-up, to identified employees of the company and its subsidiaries upon exercise of vested options,” the corporate mentioned in its observe. ,Also Read: Zomato shares up almost 7% as analysts mission greater order volumes,

The meals supply platform’s whole share allotment to the employees stands at 792.02 crore shares. In a 2018 scheme, Zomato allotted 63.5 lakh ESOPs whereas in 2021, it gave 4.02 crore shares to staff. The inventory allotment got here as Zomato’s share worth tanked over 11 p.c on Monday and greater than 7 p.c to hit an all-time low of Rs 43.05 on Tuesday, wiping out greater than Rs 89,000 crore. ,Also Read: Banks to be closed for as much as 19 days in August; try vital dates,

Global brokerage and analysis agency Jefferies has mentioned it’s time to purchase because the inventory generally is a good entry level for long-term buyers. In a observe, Jefferies mentioned that now’s the time for long-term buyers to Buy Zomato inventory with a goal worth of Rs 100. “Zomato management has also accelerated its journey towards better unit economics and is now eyeing a break-even in the food delivery business in the foreseeable future,” the observe learn.

The on-line meals supply big’s inventory has fallen greater than 69 p.c this yr. Zomato shares fell to their lowest ranges for the reason that IPO was launched at Rs 76 per share because the one-year lock-in interval for buyers thought-about insiders has ended.

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