Netcore completes ESOP buyback for past and existing employees

Netcore Solutions has announced the completion of an Employee Stock Ownership Plan (ESOP) buyback for its past and existing employees.

Employees were given the opportunity to encash a major portion of their stock options. This ESOP buyback exercise has been a wealth creation opportunity for Netcore employees, boosting personal liquidity and employee morale. The ESOP buyback saw a return of up to 250 times for employees, depending on the price at which they were given the options.

In a parallel exercise, Netcore’s holding company also completed a buyback scheme of shares held by current and ex-employees.

This buyback scheme reinforces Netcore’s stance on employees being equal stakeholders in the company’s evolving growth story.

“Being profitable for the past 10 years, Netcore is 25% owned by its employees,” said Kalpit Jain, Group CEO of Netcore Solutions in a statement. “We aim to continue to grow our email and marketing automation business globally by 30-40% in the years to come, thus continuing to deliver high returns to our employees.”

Published in Economic Times on January 16 | Source: https://bit.ly/2MOqXWd
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