ESOP Jackpot: SBI Funds IPO Unlocks Massive Wealth; 13 Employees Hit Crorepati-Mark
SBI Funds Management's stock market debut has turned years of employee stock ownership into substantial wealth, with 13 employees holding vested equity worth more than Rs 1 crore each at the IPO price of Rs 574 per share, according to the company's prospectus. The country's largest asset manager made a strong debut on Dalal Street on Tuesday. The stock listed at Rs 610 on the BSE, a premium of 6.27% over its issue price, while it opened at Rs 613.30 on the NSE, delivering a listing gain of about 7%. The biggest beneficiary of the company's employee stock ownership programme is Deputy Managing Director Devinder Pal Singh, whose 21.14 lakh vested shares are valued at around Rs 121 crore at the IPO price, the prospectus showed. Singh also holds unvested stock options that could be worth nearly Rs 30 crore if exercised in the future. ALSO READ: 100% Listing Day Returns: This SME Stock Delivers Bumper Returns To Investors On Debut Chief Investment Officer Srinivas...
