Listed foodtech major Swiggy has allotted 2.61 Cr equity shares under its various employee stock option (ESOP) schemes.
In an exchange filing today (January 25), Swiggy informed, " the nomination and remuneration committee have approved the allotment of 2,61,93,411 equity shares of the company pursuant to the exercise of stock options by the eligible employees, under Swiggy ESOP Plan 2015 & Swiggy ESOP Plan 2021."
Following this allotment, Swiggy's paid-up equity share capital increased to INR 2.26 Cr from INR 2.23 Cr earlier.
With Swiggy's shares ending Friday's trading session 2.7% lower at INR 448.85 apiece on the BSE, the newly allotted shares are worth INR 1175.69 Cr.
Last year, before its listing, Swiggy initiated its fifth employee stock option plan (ESOP) liquidity programme worth $65 Mn (about INR 543.5 Cr). Swiggy launched the first ESOP programme in June 2018. Following this, it announced two ESOP liquidity programmes worth $35-$40 Mn in 2021. The two tranches under this were completed in 2022 and 2023.
The Sriharsha Majety-led company recently launched a new app, 'SNACC', targeting a 15-minute food delivery service in select parts of Bengaluru. Afterwards, Zomato launched its 10-minute food delivery service Bistro.
Showing apprehension around the launch of these apps, industry bodies like the National Restaurant Association of India (NRAI) have expressed plans to approach the Competition Commission of India (CCI) over their anti-competition practices.
On the financial front, the company’s consolidated net loss narrowed by 4.78% to INR 625.53 Cr in the September quarter (Q2) of the financial year 2024-25 (FY25) from INR 657 Cr in the year-ago quarter. Sequentially, the loss increased 2.32% from INR 611 Cr.