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Eternal founder Deepinder Goyal, who resigned as CEO of the Zomato and Blinkit parent company on Wednesday, will surrender employee stock options worth around Rs 900-1,000 crore.
In his letter to the company’s shareholders, Goyal said that all his unvested Esops will go back to Eternal's Esop pool.
"This ensures that Eternal continues to have meaningful wealth-creation opportunities for its next generation of leaders, while strengthening long-term retention without incremental shareholder dilution," he wrote.
Later during the company's quarterly analysts call, Eternal CFO Akshant Goyal said that the exercise will result in around 3.3 crore shares being added to the Esop pool, which currently has around 20 crore shares. "We have a large Esop pool, which has north of about 20 crore shares...his (Deepinder's) Esops will perhaps expand the pool by 3.3 crore shares. Because the pool has expanded, we may not need to dilute our Esops again for slightly longer than what we would have otherwise done," he said.
At Eternal's current share price of around Rs 278, these 3.3 crore shares are worth around Rs 917 crore.
Deepinder Goyal holds around 4% stake in Eternal, which is worth approximately Rs 11,000 crore.
The company disclosed in its qualified institutional placement (QIP) document in 2024 that Goyal had voluntarily waived his salary for five years until March 31, 2026. He waived his salary for 36 months, beginning April 1, 2021, as outlined in the food delivery giant’s FY24 annual report and then extended the same for two years in 2024 till March 2026.
Leadership change
The announcement, made on Wednesday, came as a surprise as Goyal will step away from an active role at the company 18 years after cofounding the food delivery platform Zomato. Goyal said he plans to focus on his new ventures in the longevity and aerospace segments, which demand “higher-risk exploration and experimentation.”
He will transition to the role of vice-chairman of Eternal and remain on its board of directors. Blinkit cofounder and CEO Albinder Dhindsa, who joined the group after it acquired the quick commerce company in 2022, will succeed Goyal as CEO.
Following the leadership change, Dhindsa will oversee Eternal’s day-to-day work, operating priorities, and business decisions, and will work closely with chief financial officer Akshant Goyal. Other senior executives, including food delivery CEO Aditya Mangla, District chief Rahul Ganjoo and Hyperpure CEO Rishi Arora, will continue in their roles.
This also comes as the company reported strong numbers for the December quarter. Eternal saw a threefold on-year jump in its operating revenue for the quarter to Rs 16,315 crore, while its net profit surged 73% to Rs 102 crore.
In his letter to the company’s shareholders, Goyal said that all his unvested Esops will go back to Eternal's Esop pool.
"This ensures that Eternal continues to have meaningful wealth-creation opportunities for its next generation of leaders, while strengthening long-term retention without incremental shareholder dilution," he wrote.
Later during the company's quarterly analysts call, Eternal CFO Akshant Goyal said that the exercise will result in around 3.3 crore shares being added to the Esop pool, which currently has around 20 crore shares. "We have a large Esop pool, which has north of about 20 crore shares...his (Deepinder's) Esops will perhaps expand the pool by 3.3 crore shares. Because the pool has expanded, we may not need to dilute our Esops again for slightly longer than what we would have otherwise done," he said.
At Eternal's current share price of around Rs 278, these 3.3 crore shares are worth around Rs 917 crore.
Deepinder Goyal holds around 4% stake in Eternal, which is worth approximately Rs 11,000 crore.
The company disclosed in its qualified institutional placement (QIP) document in 2024 that Goyal had voluntarily waived his salary for five years until March 31, 2026. He waived his salary for 36 months, beginning April 1, 2021, as outlined in the food delivery giant’s FY24 annual report and then extended the same for two years in 2024 till March 2026.
Leadership change
The announcement, made on Wednesday, came as a surprise as Goyal will step away from an active role at the company 18 years after cofounding the food delivery platform Zomato. Goyal said he plans to focus on his new ventures in the longevity and aerospace segments, which demand “higher-risk exploration and experimentation.”
He will transition to the role of vice-chairman of Eternal and remain on its board of directors. Blinkit cofounder and CEO Albinder Dhindsa, who joined the group after it acquired the quick commerce company in 2022, will succeed Goyal as CEO.
Following the leadership change, Dhindsa will oversee Eternal’s day-to-day work, operating priorities, and business decisions, and will work closely with chief financial officer Akshant Goyal. Other senior executives, including food delivery CEO Aditya Mangla, District chief Rahul Ganjoo and Hyperpure CEO Rishi Arora, will continue in their roles.
This also comes as the company reported strong numbers for the December quarter. Eternal saw a threefold on-year jump in its operating revenue for the quarter to Rs 16,315 crore, while its net profit surged 73% to Rs 102 crore.
