Mar 31, 2025
Fables of ESOPs- March 2025 ESOP Roundup: Buybacks, Grants & Updates
Let’s unpack the key ESOP highlights from March 2025 that shaped ownership stories across sectors.
Welcome to our April 2025 Equity Roundup, where we bring you the latest news and updates on equity-related movements across major companies. This month, we saw significant ESOP grants, stock allotments, and new plans across various sectors, from finance and technology to e-commerce and aviation.
Companies like Vakrangee, Axis Bank, Zomato, and Swiggy are enhancing employee ownership through substantial ESOP programs, while others like Paytm and Infosys made noteworthy moves in their equity strategies.
Let’s dive into the key developments:
Vakrangee Limited approved the grant of 79,500 stock options to qualified employees at an exercise price of ₹9.79 per option under its Vakrangee Limited Employee Stock Option Scheme – 2021. The announcement was made on April 21, 2025.
On April 30, 2025, Axis Bank allotted 158,894 equity shares under its ESOP program. The bank’s paid-up share capital increased from ₹6,195,572,930 (3,097,786,465 shares) to ₹6,195,890,718 (3,097,945,359 shares), with each share having a face value of ₹2.
Zomato, the quick commerce and food delivery platform, has announced the allotment of stock options under two of its existing ESOP frameworks — Foodie Bay ESOP 2014 and Zomato ESOP 2021 — according to recent exchange disclosures. A total of 158 options were issued under the 2014 plan, while 2.17 lakh options were granted under the 2021 plan. Each option entitles the holder to one fully paid equity share with a face value of ₹1. At Zomato’s opening market price of ₹203, the combined grant is pegged at a value of approximately ₹4.42 crore.
On April 29, 2025, Home First Finance Company India allocated 2,22,065 equity shares to employees as part of its ESOP scheme. As a result, the company's paid-up capital rose from ₹20.58 crore to ₹20.63 crore, bringing the total outstanding shares to over 10.31 crore, each with a face value of ₹2.
Mamaearth-parent Honasa Consumer has granted 24.16 lakh ESOPs under its 2018 plan, valued at approximately ₹57 crore based on NSE’s opening price of ₹232. The options will vest over 5 years, tied to both tenure and company performance. Once vested, employees can convert them into equity shares. In Q3 FY25, Honasa reported ₹517.5 crore in revenue, up 5.9% YoY, driven by its emerging brands.
InterGlobe Aviation, the parent company of IndiGo, has sanctioned the allotment of 50,141 performance-based stock options as part of its Employees Stock Option Scheme 2023. Effective from April 1, 2025, this move—approved by the Nomination and Remuneration Committee—complies with SEBI norms and aims to incentivize employees based on their performance outcomes.
On April 2, 2025, IndoStar Capital Finance allotted 5,000 equity shares under its Employee Stock Option Plan. Following this allotment, the company’s paid-up equity share capital has increased from ₹1,36,09,74,470 (comprising 13,60,97,447 shares of ₹10 each) to ₹1,36,10,24,470 (comprising 13,61,02,447 shares of ₹10 each).
ICICI Bank has issued 470,764 equity shares of ₹2 each under its Employees Stock Option Scheme-2000. The move reflects the bank’s focus on encouraging employee ownership and aligning individual contributions with its broader growth objectives.
Swiggy has allotted 36.32 lakh equity shares under its ESOP schemes from 2015 and 2021. These shares, valued at approximately ₹124.94 crore based on the NSE’s opening price of ₹344.80, will hold equal status with the company’s existing equity shares. Following the allotment, Swiggy’s paid-up share capital rose from ₹228.64 crore to ₹229.01 crore.
On April 30, 2025, SIS allotted 35,398 equity shares under its Employee Stock Option Plan. As a result, the company’s paid-up share capital has risen to ₹722.38 crore, comprising 14.45 crore equity shares of ₹5 each.
Paytm CEO Vijay Shekhar Sharma has voluntarily relinquished 21 million unvested ESOPs granted under the 2019 plan. The company’s Nomination and Remuneration Committee has treated these as cancelled and returned them to the ESOP pool. This move will result in a one-time non-cash expense of ₹492 crore in Q4 FY25, with reduced ESOP costs in future years.
Infosys has granted stock options worth ₹51.75 crore to CEO and MD Salil Parekh during FY25, as disclosed in its April 17 exchange filing. The allotment was made in multiple tranches. Additionally, 5,000 Restricted Stock Units (RSUs) were granted to eligible employees, set to vest equally over four years, with the final exercise price matching the market value at the time.
As we wrap up the April 2025 roundup, it’s clear that employee stock options continue to play an important role in encouraging employees and aligning them with the growth of their companies. From significant stock grants to strategic changes in ESOP policies, the trend of increasing employee equity participation is expected to gain momentum.
Look out for more exciting updates in the May 2025 Roundup, as we continue to track the latest trends and movements in the world of equity and ESOPs!
