PB Fintech, the parent company of Policybazaar and Paisabazaar, has announced a major expansion of its Employee Stock Option Plan (ESOP) by introducing a new scheme under the PB Fintech Limited Employee Stock Option Plan 2024.
The new ESOP plan is reportedly valued at around Rs 1,931 crore (approximately $233 million).
The Board of Directors of PB Fintech approved a resolution to grant 1,140,000 stock options to employees, representing 2.5% of the Company’s issued and paid-up share capital as of August 14, 2024.
ESOP Plan Details
The ESOP plan is structured to align with the Securities and Exchange Board of India (SEBI) regulations, specifically the SEBI (Share-based Benefits to Employees and Equity) Regulations, 2021.
Each of the 1,140,000 stock options, which may be converted into an equal number of shares, will have an exercise price set at a 10% discount to the volume-weighted average price of the Company’s shares during the last 90 days preceding the grant date.
100% of the options will vest in a single vesting cycle and after completion of four years from the date of grant, the company said.
Financial performance
In the first quarter of the current fiscal year, PB Fintech reported revenue of Rs 1,010 crore and a profit of Rs 60 crore.
For the full fiscal year 2023-24, the company saw its revenue increase 34.4% year-on-year to Rs 3,438 crore and achieved a net profit of Rs 64 crore.
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