SUMMARY
- PB Fintech has introduced a new ESOP plan worth Rs 1,931 crore ($233 million), pending shareholder approval.
- The company reported Rs 1,010 crore in Q1 revenue and achieved a 34.4% increase in FY24 revenue to Rs 3,438 crore, with a net profit of Rs 64 crore.
- The announcement led to a rise in PB Fintech’s share price, reaching a 52-week high of Rs 1,763, with a market capitalization of Rs 77,252 crore ($9.3 billion).3
PB Fintech, the parent company of Policybazaar and Paisabazaar, has announced a new employee stock option plan valued at Rs 1,931 crore (approximately $233 million). The ESOP plan for 2024 will involve the issuance of 1,14,00,000 stock options to staff, directors, and subsidiaries.
The board’s resolution for this plan is pending approval from shareholders. Under this scheme, stock options will vest four years from the grant date. The introduction of this ESOP plan is expected to further align employee interests with company performance and attract top talent.
In the first quarter of the ongoing fiscal year, PB Fintech reported a revenue of Rs 1,010 crore, maintaining a steady profit of Rs 60 crore. For FY24, the company achieved a 34.4% year-on-year revenue increase, reaching Rs 3,438 crore, and turned profitable with a net profit of Rs 64 crore.
Following the ESOP announcement, PB Fintech’s share price surged, reaching a 52-week high of Rs 1,763 on August 20. The stock is currently trading at Rs 1,694, with a market capitalization of Rs 77,252 crore ($9.3 billion). Recent ESOP approvals by other major companies include Zomato’s Rs 3,800 crore plan and increases by Nykaa and TBO Tek in 2024.
Source:- Entrackr
