Covid-19 impact: Oyo sends letter granting ESOPs to all employees

The move comes as Oyo decided to lay off a large number of its employees in the US last week but reward them with stock options

Oyo Hotels and Homes has decided to make each of its employees a shareholder of the startup by granting 'deep-discounted ESOPs (Employee Stock Ownership Plan)'.
 

In a letter sent to all employees, Oyo said, all employees would be receiving deep discounted ESOPs (comparable to restricted stock units or RSUs) at pre-determined prices with effect from June 1. Business Standard has reviewed a copy of the letter. 
 

"'This step is unprecedented in the history of Oyo both in terms of number of people covered through stock options and also in terms of ESOP 2018." the letter said. The company also noted