One97 Communications, which operates the Paytm brand, has allotted shares to almost 166 former and current employees, before its public listing, according to the company's regulatory filings with the ministry of corporate affairs (MCA).
As a part of the exercise, 10.11 lakh equity shares have been allotted to these individuals, according to the MCA filings.
The list also includes president at Paytm, Amit Nayyar, who has been heading the financial services division at the Noida-based startup. Nayyar, who dropped his resignation in June, this year, has been allotted 1.16 lakh shares at an exercise price of Rs 10.50 lakh.
According to the company’s draft red herring prospectus, Paytm had a total paid up share capital of 606,941,722 shares at a face value of Rs 1 each.
The allotment of shares to employees comes at a time when Paytm is planning to alter One 97 Employee Stock Option Scheme 2019 by more than doubling its existing ESOP pool from 24,094,280 equity options to 61,094,280 equity options at a face value of Rs1 each.
The company is expected to seek shareholders’ approval on the changes to its ESOP pool in the upcoming extra-ordinary general meeting (EGM) on September 2.
“At present, there would be roughly 1000 employees at Paytm who have vested ESOPs in the company with approximately 1.4 crore options vested,” said a person aware of the company discussions, who spoke to Mint on condition of anonymity.
Mint had earlier reported that Paytm was also in talks with five lenders to help employees borrow money to exercise their stock options before the company’s much-awaited initial public offering.
It wanted to help employees pay for buying their vested options and make tax payments if required, and was in talks with lenders IIFL, ICICI Securities and Edelweiss Capital.
Paytm is expected to facilitate a loan size of around Rs 100 crore towards this end, helping 300-500 employees who hold stock options, Mint reported earlier citing sources.
Currently, Paytm is awaiting approval from markets regulator the Securities and Exchange Board of India (SEBI), and is expected to list on the Indian exchanges by November.