Meesho initiates largest ESOP buyback programme
It will spend Rs 200 crore to buyback shares from about 1,700 former as well as existing employees
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New Delhi: Online shopping platform Meesho on Wednesday said it will spend Rs 200 crore to buyback shares from about 1,700 former as well as existing employees.
Eligible current and ex-employees across the spectrum, from junior-level executives to senior leadership can voluntarily participate in this program, the company said in a statement. The Indian marketplace announced "the initiation of an Employee Stock Ownership Plan (ESOP) buyback programme of Rs 200 crore, making it the company's largest ESOP liquidity pool to date".
Enabling opportunities for wealth creation for nearly 1,700 past as well as present employees, this initiative continues to reaffirm Meesho's belief in the collective success of its team and the role they play in the company's growth story, the company said. It said the company has been profitable and cash flow positive since July 2023. "Despite prevailing macroeconomic conditions, we persist in providing opportunities for wealth creation and nurture a culture of growth within the organization," Ashish Kumar Singh, CHRO, Meesho said. This marks the fourth shares buyback round at Meesho. "The company bought back shares worth USD 1 million in February 2020, USD 5 million in November 2020 and $5.5 million in October 2021," the statement said.
