Bengaluru: Flipkart bought back employee shares (ESOs) worth 600 crore ($ 80.5 million), a step that will create a new dollar millionaire.
About 6,000 flipkart employees are studied to have options to liquidate up to 10% of their share ice.
ESOP repurchases are part of the latest $ 3.6 billion funding rounds led by investor clutches, including GIC, Canadian retirement investment council, Softbank Vision Fund 2 and Walmart.
In e-mail to employees, the CEO of Flipkart Group Kalyan Krishnamurthy said, “…
is always our effort to provide opportunities for our employees to liquidate their choices regularly.
This year, we are pleased to announce repurchases.
5% of three three choices Last year.
With this landmark event for us, I am happy to share that we offer our employees to repurchase 5% of all stock options because we remain committed to creation of wealth for you.
“The weighted fair value of the options given during the year The 2019-20 financial was $ 106.9, compared to $ 111 in the previous year, regulatory documents sourced through the Tofler busins ​​information platform showed.
In 2019-20, Flipkart India bought back 48,897 employee shares options, compared with 187,974 in the previous year.
This was given 204,940 options for 2019-20, compared with 294,187 in the previous year.
In 2018, when Walmart acquired Flipkart, it had ordered $ 500 million to repurchase ESOPS from the Flipkart staff.
Repurchases have changed several hundred flipkart employees to a billionaire dollar.
Flipkart employs more than 15,000 full-time employees in India.
Many new age companies, including Swiggy, Zerodha and Razorpay, have bought back employee eSOPs.
ESOPS is a widely used retention tool.