Zomato shares for just 1 rupee! No not a firesale but an ESOP bonanza delivered by the food tech giant. The firm informed exchanges that the board has approved the allotment of 4.66 crore shares from its ESOP (employee stock option plan) pool at an exercise price of one rupee.
Also read/watch| Explained: Why Zomato share prices hit record low
On the basis of market price of Zomato shares on July 27, the total allotment is worth Rs 193 crore. Zomato shares have faced severe sell-off with lock in period of anchor investors ending. The stock is down 20% over 2 days hitting new record lows.
While Zomato had an impressive stock market debut, it has wiped over 45% of the value from its offer price within a year of listing.