Mukesh Ambani’s retail company, Reliance Retail, has given a generous gift to its employees amid speculation about an upcoming IPO. The company has distributed ₹351 crore worth of shares to 15 senior employees. These shares were given during the last financial year under the Employee Stock Option Plans (ESOP).
Details Filed with the Registrar of Companies
Reliance Retail provided details about these shares in a filing with the Registrar of Companies. The company stated that shares with a face value of ₹10 each were distributed at a price of ₹796.5 per share. In total, the employees received 4.417 million shares. The company also mentioned that whenever it launches an IPO, the shares given under the ESOP will be listed after the necessary steps are taken by the board.
IPO Expected in Two Years
There is growing speculation in the market about Reliance Retail’s IPO and the listing of its shares on the stock exchange. Reports suggest that the IPO might be discussed at Reliance Industries’ upcoming Annual General Meeting (AGM). Analysts believe that Reliance Retail could launch its IPO within the next two years.
Top Employees Receive Shares
The employees who received shares under the ESOP include Director V Subramaniam, Grocery Retail CEO Damodar Mall, Fashion & Lifestyle Business CEO Akhilesh Prasad, Electronics Retail Chief Business Officer Kaushal Nevrekar, Group Chief Business Operations Ashwin Khasgiwala, and Ajio CEO Vineet Nair.
Other Senior Employees Also Benefited
Additionally, shares were also allotted to Kamdev Mohanty, COO of Grocery Retail and JioMart; Prateek Mathur, Head of Strategy and Projects; Vipin Tyagi, COO of Reliance Trends; and Ketan Modi, COO of the FMCG business.
