New Delhi: E-commerce major Flipkart has offered to repurchase ESOPs from employees at a share price ranging from $125-129, according to sources.
The offer from the Bengaluru-headquartered company comes close on the heels of US-based retailer Walmart buying close to 77 percent stake for roughly $16 billion.
One of the sources said Flipkart will allow employees -- present and former -- to liquidate part of their vested options.
The transaction price would be in the range of $125-129 per option, the person added.
The sources said current employees will be able to vest up to 50 percent of their stock options now, followed by 25 percent in the second and third year. Former employees can vest up to 30 percent of their ESOPs.
When contacted, a Flipkart spokesperson said the company always works with the employees for their growth and wealth creation and remains committed to that goal.
Flipkart had completed an ESOP repurchase programme worth over $100 million buying back shares from over 3,000 past and present employees of the group last year.
In the biggest M&A deal in the booming e-commerce sector, Walmart last week announced buying 77 percent stake in Flipkart. Its investment includes $2 billion of new equity funding that would help Flipkart to accelerate its growth pace amid stiff competition from Amazon, which is also pumping in huge funds into its India operations.
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Updated Date: May 15, 2018 08:16:38 IST