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PB Fintech, the parent company of Policybazaar and Paisabazaar, has announced the approval of its Employees Stock Option Scheme 2024, which aims to grant 11.4 million stock options, more than double of what it had granted in the previous quarter.

In Q1 FY24, the company had issued 48,30,740 equity shares to employees who exercised their stock options under the approved employee stock option schemes. The new plan, representing 2.5% of the company’s issued and paid-up share capital will be to eligible employees and directors across its current and future subsidiaries and associate companies, both in India and abroad, the company said in an exchange filing.

The scheme has a single vesting cycle, where 100% of the options will vest after four years from the grant date, provided that the volume-weighted average share price on the vesting date is at least 150% of the volume-weighted average share price on the grant date.

The exercise price is set at a 10% discount to the 90-day average share price preceding the grant date on the stock exchange with the highest trading volume.

Grantees will have up to two years from the vesting date to exercise their options. Additionally, employees will be required to pay the perquisite tax on exercised options as per the Income Tax Act of 1961.

PB Fintech had spent Rs 455 crore in employee benefit expenses in the quarter ended June 30, 2024, up 18.67% from a year ago period.