D2C consumer electronic brand boAt has doled out employee stock options (ESOPs) to its employees.
The board of the company, in a special resolution, has approved to grant 9,55,523 ESOPs to its staff. The total value of these ESOP options is $9 million, the company said in a regulatory filing with the Registrar of Companies (RoC).
The objective of expanding the ESOP pool is “to promote the employee ownership and as well as to attract, retain, motivate and incentivize critical talents in the line with corporate growth,” the filing said.
boAt has five brands under its portfolio including boAt, Redgear, Tagg, Defy and Misfit.
boAt has filed its draft red herring prospectus last year. However, it secured ₹500 crore funding from its existing investors Warburg Pincus and Malabar Investments. The company had hoped to ₹2,000 crore.