India’s biggest online retailer Flipkart has informed its employees that the repurchase of stocks would be done at $85.2 per unit with a transaction fee of $3-4 for every unit.
This means that all employees would get roughly Rs.5,300 for each unit and Existing employees have been allowed to sell 25% of their investments while former employees are allowed to sell off 10% of their investments.
Binny Bansal, Flipkart Group CEO said, “Flipkart is among the few companies that have given this opportunity, not once but four times in the past five years. It’s only because as an organisation, The company’s culture is steeped in transparency and fairness -the first step of which is to ensure employees are rewarded for their dedication and hard work. Without you, Flipkart couldn’t have become the flag bearer of Indian e-commerce.”
The repurchase advancement comes after Flipkart effectively raised about $4 billion in financing this year from investors.
In April, the organization reported another round of funding which saw its valuation drop by about a third to $11.6 billion contrasted with $15.2 billion in 2015. Be that as it may, the Bengaluru-headquartered organization said in April it will issue extra “differential ESOPs” to current workers to compensate for the misfortune of the fall in valuation of the organization.