As a part of the letter, Paytm said that it looks to alter One 97 Employee Stock Option Scheme 2019 by more than doubling its existing ESOP pool from 24,094,280 equity options to 61,094,280 equity options at a face value of ₹1 each. Since its inception, Paytm has formulated two ESOP schemes, namely, One 97 Employee Stock Option Scheme 2008 and One 97 Employee Stock Option Scheme 2019, according to its draft red herring prospectus (DRHP) filed with Securities and Exchange Board of India (Sebi) in mid-July. Through the increase of the ESOP pool, the company is expected to distribute options to employees who have contributed to the growth of the company, an individual said on condition of anonymity. In the upcoming EGM, Paytm will also be seeking shareholder approval on annual remuneration for independent and additional directors appointed to the company’s board. As part of the IPO, India’s second most valuable startup will sell new shares worth ₹8,300 crore, Paytm said in its draft share sale documents.

Source: Mint August 09, 2021 12:00 UTC