Oyo has taken steps to reward its employees with stock options and the Board of Directors of the company has recently passed a resolution to add an additional 2000 stock options to the existing ESOP pool of 6893 taking the total to 8893, reports Economic Times. OYO feels this will further motivate the employees to give off their best performance and partake in the company’s success story.
Oyo employs over 10,000 people and it had introduced the ESOPs benefit this July when 6898 units.
“The approval and consent of company members be and is hereby accorded for increasing the employee stock option pool of the company by adding 2,000 stock options from the present limit of 6,893 stock options of the company, which upon exercise shall become an aggregate of 8,893 shares,” Economic Times quotes a resolution passed by the Oyo board on October 3 as stating.
The company has plans to appoint a special committee to make the recommendations on which of the employees deserve to be included for the benefit and how many stock options they will be eligible for.
Oyo Rooms, the startup that originally handled hotel bookings, has added a few more verticals to its business plans. It offers banquet halls for weddings and other events and has diversified into offering a whole lot of wedding-related services to make it easier for the customers while dealing with multiple vendors.
The latest business it has added is in the field of residential accommodation renting and is expected to expand and grow this segment as well. It recently hired Max Healthcare Executive Director Rohit Kapoor as the chief executive officer (CEO) of its new real estate businesses, effective December 6. Rohit will drive Oyo’s new real estate business.
This appointment comes as a part of the company’s efforts to continue to invest in and attract world-class leadership, to drive innovation and growth in the company, Oyo said in a statement.