news Thursday, May 14, 2015 - 05:30
CEO of real-estate startup Rahul Yadav has announced that he will be allotting his shares to the employees.   According to a report in The Times of India, Yadav held a 4.5% stake in the company and those present while the announcement was made on Wednesday told the newspaper that most employees were shocked at the development. Yadav’s shares are valued between Rs 150-200 crore and the number of current employees at the company is 2,251.Simple math would make the evaluation worth between Rs 6.6 lakhs and Rs 8.8 lakhs for an employee on an average.    “I'm just 26 and it's too early in life to get serious about money,” Yadav is quoted as saying.   Also Read: CEO of Housing Rahul Yadav to continue with company, withdraws resignation   A press statement by the company says: “Rahul Yadav, CEO of Housing, took everyone by surprise when he announced that he has allotted his personal shares worth Rs 150-200 crore to all the 2,251 employees of Housing who will get approximately one year of their annual salaries worth of company stocks.”   The report adds that Yadav holds the maximum amount of stake in the company among the nine founding members who are still with the company. The rest have between 8-9% stakes in the enterprise.   Just last month, Yadav had courted controversy after furnishing a resignation letter which hit out at members of the board and investors. He later withdrew the resignation and apologised.   Yadav had also had a spat with Shailendra Singh, MD of Sequoia India and with the Times Group who own 99acres and MagicBricks, companies which are Housing’s competitors.    Read more at: Housing CEO gives staff his shares
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