Coronavirus impact: Oyo allots ESOPs worth Rs 130 crore to furloughed employees
On April 8, OYO founder and Group CEO Ritesh Agarwal had said that the company will place a certain number of employees on furloughs
- Jun 1, 2020,
- Updated Jun 1, 2020 7:29 PM IST
Softbank-backed hospitality chain OYO has allotted employee stock ownership plans (ESOPs) worth Rs 130 crore to all its furloughed employees impacted by the coronavirus pandemic. The move is part of the company's efforts to minimise the economic disruption experienced by employees in wake of COVID-19 outbreak, an internal e-mail from its founder Ritesh Agarwal said on Monday.
On April 8, OYO founder and Group CEO Ritesh Agarwal had said that the company will place a certain number of employees on furloughs or temporary leaves after it froze operations globally due to COVID-19 pandemic.
The hotel chain operator, however, did not disclose any details regarding the number of impacted employees. According to PTI report, the number of furloughed employees globally could run in thousands.
Agarwal said that while he hoped that the company can get as many employees back as possible, he is cognisant of the practical reality that the uncertainty around the COVID-19 situation will continue for sometime. "I would like to recognise your contributions and this love and passion for OYO by making you a co-owner and shareholder of the company. I would like to inform you that all impacted OYOpreneurs would be eligible for ESOPs worth around Rs 130 crore (around USD 18 million)," he said in an internal town hall note.
Details on employees' specific grant will be shared on e-mail separately, which will be detailed as per their band and geographies, he added.
Softbank-backed hospitality chain OYO has allotted employee stock ownership plans (ESOPs) worth Rs 130 crore to all its furloughed employees impacted by the coronavirus pandemic. The move is part of the company's efforts to minimise the economic disruption experienced by employees in wake of COVID-19 outbreak, an internal e-mail from its founder Ritesh Agarwal said on Monday.
On April 8, OYO founder and Group CEO Ritesh Agarwal had said that the company will place a certain number of employees on furloughs or temporary leaves after it froze operations globally due to COVID-19 pandemic.
The hotel chain operator, however, did not disclose any details regarding the number of impacted employees. According to PTI report, the number of furloughed employees globally could run in thousands.
Agarwal said that while he hoped that the company can get as many employees back as possible, he is cognisant of the practical reality that the uncertainty around the COVID-19 situation will continue for sometime. "I would like to recognise your contributions and this love and passion for OYO by making you a co-owner and shareholder of the company. I would like to inform you that all impacted OYOpreneurs would be eligible for ESOPs worth around Rs 130 crore (around USD 18 million)," he said in an internal town hall note.
Details on employees' specific grant will be shared on e-mail separately, which will be detailed as per their band and geographies, he added.