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One97 Communications, which owns fintech giant Paytm, said it has granted 3.97 million stock options to its employees, at an exercise price of Rs 9 a piece.

At Rs 556 per share, Paytm’s closing price on Monday, the value of the new grant equals Rs 220.7 crore.

Paytm’s shares ended 2.11 percent lower at Rs 556 on Monday, in line with broader markets that also lost ground today.

The Noida-based company, in a separate filing to the exchange, said it had allotted 117,114 shares to employees who exercised their options.

In a letter to shareholders in April, Paytm chief and Founder, Vijay Shekhar Sharma said the company expects to hit operating EBITDA breakeven in the next six quarters.

VSS also declared that his stock grants will only vest when Paytm’s market cap crosses the IPO levels “on a sustained basis”.

The digital payments behemoth has lost about 70 percent of its IPO value till date, which the company attributes to a “backdrop of volatile market conditions for high growth stocks globally”.

But market experts and analysts have said it has largely been because of uncertainty surrounding Paytm’s path to profitability.