PolicyBazaar Parent Approves INR 644 Cr ESOP Grant for Staff The move highlights the firm's focus on retaining talent and creating long term value for its workforce.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
PB Fintech, the parent company of PolicyBazaar, has introduced a new grant of employee stock options covering 35 lakh equity shares under its various ESOP schemes.
Recent filings from the stock exchanges show that the move highlights the firm's focus on retaining talent and creating long term value for its workforce.
The Nomination and Remuneration Committee of the company has approved the grant of 35.11 lakh stock options to eligible staff under the ESOP 2024 plan. With PB Fintech's current share price at INR 1,835, the total value of the granted stock options stands at nearly INR 644 crore (USD 72 million).
In another key development, PB Pay Private Limited, a fully owned subsidiary of the company, has received in principle approval from the Reserve Bank of India to function as an online payment aggregator. The approval has been given under the Payment and Settlement Systems Act 2007. This step is expected to support PB Fintech's efforts to expand its position in the digital payments and financial services space.
The company has also received board approval to invest INR 696 crore (USD around 80 million) in its subsidiary PB Healthcare Services Private Limited. The additional capital will be used to boost the growth of its healthcare business and strengthen its operations in the expanding health services market.
During the second quarter of the current financial year, PB Fintech reported a 20 percent rise in revenue from operations which reached INR 1,613 crore. Profit increased to INR 135 crore, compared with INR 51 crore in the same quarter of the previous year.
