Employee stock options (ESOPs) have been granted to employees of D2C consumer electronics brand boAt.
In a special resolution, the company’s board of directors approved the distribution of 9,55,523 ESOPs to its employees. According to a regulatory filing with the Registrar of Companies (RoC), the total value of these ESOP options is $9 million.
The goal of increasing the ESOP pool is “to promote employee ownership as well as attract, retain, motivate, and incentivise critical talents in line with corporate growth,” according to the application.
boAt’s portfolio includes five brands: boAt, Redgear, Tagg, Defy, and Misfit. Last year, boAt filed its first red herring prospectus. However, it received capital of Rs 500 crore from its current backers Warburg Pincus and Malabar Investments. The company intended to raise 2,000 crore.