The company’s top leadership may sell up to 10% of its vested stock, while all other existing employees may sell up to 25%, the company said in a statement on Friday.
In December 2020, PhonePe had launched Rs 1,500 crore ESOPs program, open to all its employees, with a minimum annual salary of Rs 3.5 lakh. Typically, stock options are not granted to all employees in an organization, especially those at the junior level.
Manmeet Sandhu, HR Head, PhonePe said, “Around 75% of our existing employees are eligible to participate in the current buyback offer, and for most this is the first time in their career that they have owned or terminated an ESOP. Got a chance.” ,
Read also:
PhonePe says record 2 billion monthly transactions happened in October
In July, ET reported that several startups
Employees have bought back stock Priced at $546 million. Companies like Swiggy and Meesho recently announced similar buybacks.