Electric scooter manufacturer Ather Energy has increased its ESOP pool size by a significant margin. The development comes soon after the announcement by the company which said that it achieved its highest-ever monthly sales.
The company’s board proposed to increase the quantum of the existing Ather Energy ESOP Plan 2021 by 7,808 stock options, thereby increasing the ESOP pool size from 37,209 options to 45,017 options, regulatory filings show.
As per Fintrackr’s estimates, the total worth of the new ESOP pool is Rs 230 crore.
The board has also approved the adoption of the founders’ stock option plan 2022. The pool size as per the Series D shareholders agreement was 12,356 stock options which is reduced to 5,214 stock options and the balance unused pool of 7,142 is proposed for cancellation, according to a separate filing by the company.
For the first time, the Bengaluru-based company has unveiled its founder stock options which is worth around Rs 25.5 crore, as per Fintrackr’s estimates.
Ather Energy’s board has also mentioned that the company has plans to go public in near future. The company has attributed its high growth trajectory with a clear vision for its IPO plan, the board’s statement with RoC shows.
While the company did not disclose the timeline of its listing on the bourses, media reports estimate it around by the end of 2023.
The Tarun Mehta-led company witnessed a steady growth in its scale of operations and saw its revenues grow by 126% to Rs 79.8 crore in FY21 from Rs 35.3 crore in FY20. As per Fintrackr’s analysis, the majority of this revenue was generated via the sale of EV scooters.
Earlier this week, Ather Energy had revealed that it sold 3,779 units of the Ather 450X and 450 Plus in April 2022, recording year-on-year growth of more than 255%.
Hero MotoCorp, the country’s largest two-wheeler maker, holds around 34.8% stake in Ather Energy (on a fully diluted basis). In January, it had approved a further investment of up to Rs 420 crore or $57 million in the latter.