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OYO offers to buy shares from employees, ex-workers for up to USD 7 Mn

Dec 29, 2018 by The Passage Team
OYO offers to buy shares from employees, ex-workers for up to USD 7 Mn

Hospitality firm OYO has launched an offer to around 250 of its existing and ex-employees to liquidate their stock options which would have a realisable value of around Rs 40-50 crore (USD 5.72 - 7.15 million) in January 2019.

This is being executed through a secondary acquisition programme led by one of our existing investors, and our board members are very supportive of this initiative, OYO said in a statement. The company expects the total ESOP liquidity programme to be worth around $150 - $200 million over the next few years, it added.

Commenting on the development, OYO Hotels & Homes CHRO Dinesh Ramamurthi said: "Today, we are announcing this programme for eligible employees. This is part of our continuing efforts to express our gratitude and reward our employees for their hard work, perseverance, and commitment to the company and its mission."

Source: Economic Times

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