OYO Rooms has said Friday that it would buy ESOPs from 250 of current and former employees worth nearly Rs 50 crore (in the first round) in January 2019. The buyback program would be carried out through a secondary acquisition programme led by one of the company’s existing investors, OYO said in a statement.
The ESOP liquidity programme is expected to be worth nearly $150 – $200 million over the coming few years, the company said.
“Today, we are announcing this programme for eligible employees. This is part of our continuing efforts to express our gratitude and reward our employees for their hard work, perseverance, and commitment to the Company and its mission”, OYO Hotels & Homes CHRO Dinesh Ramamurthi said.
Based on the individual’s role, contribution and long-term potential, the eligibility for awarding ESOPs was calculated, company also said.
Earlier this month, company’s founder Ritesh Agarwal said that he is aiming to turn the hotel chain into the world’s largest by 2023 as it expands into newer countries in the Middle East, South East Asia and Europe.
In India, it operates in over 180 cities with 143,000 rooms. In China, where it began operations last November, it has expanded to over 265 cities with 180,000 rooms.
“Our belief is that if we just keep opening 50,000 keys a month, then by 2023 we would have opened roughly 2.5 million more rooms, which will be at least 2 times of what the world’s largest hotel chain is today,” Ritesh Agarwal had told PTI in an interview.
Source: Financial Express