The Tata Group has given new management stock options (MSOPs) to BigBasket founders Hari Menon, Vipul Parekh and VS Sudhakar, after the e-grocer was acquired by Tata Digital.
CultFit (earlier CureFit) founder and Tata Digital President Mukesh Bansal has joined the board of BigBasket, The Economic times has reported.
The proposals were approved in August, the report said citing regulatory documents sourced through Tofler.
The developments also occur after the salt-to-steel conglomerate acquired digital health company 1MG. Bansal and Menon had joined the board of 1MG in June.
1MG founders Prashant Tandon and Gaurav Agarwal have a lock-in period of five years and three months, the report said.
Moneycontrol could not independently verify the story.
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A spokesperson for Tata Digital had not yet responded to a query by The Economic Times. Menon did not comment on his new stock options, while Tandon was not immediately available for comment.
The MSOPs were issued based on past performance and future potential of eligible employees, the report said. The vesting period begins three years from the date of allocation.
Supermarket Grocery Supplies (SGS), which operates the business to business division of BigBasket, has also received close to Rs 85 crore from existing investor CDC group, the report added. SGS has also issued employee stock options (ESOPs) to its staff.
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