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New Delhi: E-commerce major Meesho has initiated a buyback program of Rs 200 crore for its employee stock ownership plan (ESOP), the company announced in a press release on Wednesday. This is the company’s largest ESOP buyback pool to date.
“It (ESOP buyback program) underscores our commitment to rewarding our teams, and we are pleased that despite prevailing macroeconomic conditions, we persist in providing opportunities for wealth creation and nurture a culture of growth within the organization,” said Ashish Kumar Singh, CHRO at Meesho.
The buyback program will generate wealth for nearly 1,700 past and present employees.
The announcement comes after the e-commerce company announced its profitability in July last year.
Meesho bought back shares worth USD 1 million in February 2020, USD 5 million in November 2020 and USD 5.5 million in October 2021.
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