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Flipkart has given approval for a share buyback plan to repurchase employee stock options(ESOP)worth USD 100 million.
The buyback will help employees to liquidate their shareholding in the company and it will benefit nearly 6,000 employees both current and former. ESOPs is a way to retain high level employees,but companies usually put limits on cash out options.
It is expected that, the process will be closed by December this year.Moreover employees of Flipkart’s subsidiaries like Myntra will also be a part of the ESOP repurchase plan.
