Fintech firm Paytm grants 3.9 million new ESOPs to its employees

One97 Communications Ltd, which owns and operates digital payments firm Paytm, today announced it has granted 3.97 million new employee stock options (ESOPs) to its employees under One97 Employees Stock Option Scheme 2019. 

The exercise price of these stock options is Rs 9 each, the fintech firm disclosed to exchanges. One97 Communications’ stock was closed at Rs 556 per share on Monday, down 2.10% since the market close on May 6.

Following the closed price, the value of the new grant equals Rs 220.7 crore. Since listing in November last year, the One97 stock has been pummelled, it’s down 74% from its IPO price of Rs 2,150 per share.

Additionally, Paytm has also allotted 177,114 shares to employees, who have exercised their options. In a letter to shareholders in April, Paytm chief & Founder, Vijay Shekhar Sharma said the company expects to hit operating EBITDA breakeven in the next six quarters.

The founder also expressed that his stock grants will only vest when Paytm's market cap crosses the IPO levels "on a sustained basis".

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