By Nikhil Cariappa
The board of OYO Hotels & Homes has approved a plan to add 2000 employee stock ownership plan (ESOPs) to its existing pool, not shares or stock options, OYO clarified to MediaNama. An Economic Times report stated that the company had added shares, which OYO said was inaccurate. The ET report states that the ESOP pool is now at 8893 with the current addition of 2000 ESOPs.
OYO told MediaNama, “These are stock options and not shares, and only convert to shares post employees realise/ exercise the options…. All our efforts are directed towards doing what is relevant for OYOpreneurs and our ESOP plan is one such example. We introduced the plan in July 2018 and keeping in mind our growth trajectory, have strengthened the existing ESOP pool by adding 2,000 stock options to it…”
OYO has over 10,000 employees on its payroll. It is unclear how many employees have ESOPs at this time.
- Rohit Kapoor has been appointed CEO of new real estate businesses at OYO. He will lead the expansion of this vertical in India and International markets
- OYO Hotels had appointed former Indigo President, Aditya Ghosh as CEO for India and South Asia
OYO’s aggressive expansion spree
- Earlier this year, OYO entered Indonesia, adding 30 hotels with over 1000 rooms across Jakarta, Surabaya, and Palembang
- Oyo had expanded to the UAE with 1100 rooms in Dubai, Sharjah and Fujairah. In two years, Oyo plans to have 12,000 rooms, 150 hotels, and a presence in all 7 Emirates
- In October, OYO invested 500 crores in Uttarakhand, adding 35000 rooms across Dehradun, Mussoorie, Rishikesh, and Haridwar
- OYO raised $800 million, in a funding round led by Softbank, to invest and expand operations in the Chinese market
- In September, 2018, OYO launched operations in London, and plans to expand their presence in 10 cities in the UK by 2020.
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