Indian drone manufacturer ideaForge has allocated employee stock option plans (ESOPs) worth approximately Rs 7.95 crore, enhancing employee ownership in the company. The listed company’s board, on July 10, approved the issuance of 95,954 equity shares, each with a face value of Rs. 10. This move is part of the ideaForge Employees Stock Option Scheme, 2018, allowing employees to exercise their vested stock options.
According to a BSE filing on Friday, the newly allotted shares will have the same rights and status as the existing equity shares of the company. Following this allotment, ideaForge’s paid-up capital has increased to Rs 42,98,59,540 from Rs. 42,89,00,000. ideaForge’s share closed 0.65% down at Rs 829 on the BSE on Friday.
This announcement follows the issuance of 1,678 equity shares in June and 3,000 equity shares in May this year under the same ESOP scheme. The announcement of ESOPs also comes on the heels of ideaForge’s acquisition of an undisclosed non-controlling stake in GalaxEye Space for Rs 8.28 crore. GalaxEye, an IIT Madras-incubated spacetech startup, specializes in building multi-sensor imaging satellites.
Founded in 2007 by Ankit Mehta, Rahul Singh, Vipul Joshi, and Ashish Bhat, ideaForge has become a leading manufacturer of drones for civilian and defense use, boasting the largest operational deployment of indigenous unmanned aerial vehicles across the country.
In June 2023, ideaForge raised Rs 255 crore from anchor investors ahead of its listing on the Indian stock exchange. According to NITI Aayog, drone startups secured $50 million in investment in FY24, marking a threefold increase from the previous year. The NITI Aayog report also projects that the unmanned aerial vehicle market in India is expected to reach $15 billion by 2030. Market research firm Markets and Markets projects that the Indian drone market will grow significantly, with drone volumes increasing to 61,393 units by 2029 from 10,803 units in 2024.
The company’s board highlighted the importance of ESOPs in retaining talent and ensuring employee commitment. “We believe that ESOPs play a crucial role in aligning the interests of our employees with the growth of the company. Our team is our biggest asset, and this allocation is a testament to our belief in shared success,” said Ankit Mehta, CEO of ideaForge.