More than 140 executives at Eternal—the parent company of Blinkit and Zomato—exercised employee stock options (ESOPs) worth ₹419 crore over July 29 and 30.
The move, disclosed through stock exchange filings, signals strong internal confidence in the company’s long-term prospects and coincides with Eternal’s stock reaching a seven-month high.
Albinder Dhindsa, Blinkit CEO, Accounts for Over Half the ESOP Value
Blinkit CEO Albinder Dhindsa emerged as the largest participant in the ESOP exercise, converting options to acquire seven million Eternal shares valued at ₹214.51 crore.
His transaction alone accounted for more than 50% of the total value unlocked during the two-day window.
According to sources familiar with the matter, Albinder’s exercise was conducted in line with a board-approved schedule.
The ESOPs were exercised at pre-agreed strike prices, typically lower than the prevailing market rate, allowing executives to either retain the shares or sell them at market value.
Eternal’s stock closed at ₹300.80 on the day of the exercise, valuing the company at ₹2.9 lakh crore (approximately $33 billion).
Senior Leadership Participation Spans Across Business Units
Beyond Albinder, 31 other senior executives converted options worth over ₹1 crore each. These included Rishi Arora (CEO of Hyperpure), Rakesh Ranjan (former food delivery CEO), Aditya Mangla (his successor), and Kunal Swarup (corporate development head).
Collectively, these top leaders exercised shares worth ₹378.50 crore, representing 90% of the total ESOP value transacted.
Nearly half of these executives were from Blinkit, with the remainder spread across Eternal’s other verticals—Zomato, Hyperpure, and District.
Among other notable participants were Aadish Dhakad (Zomato’s logistics AVP, ₹24.1 crore), Udit Gupta and Anish Srivastava (Blinkit, ₹14.8 crore and ₹14.1 crore respectively), and Sajal Gupta (Blinkit CTO, ₹6.6 crore).
Tax Implications and Strategic Timing
Exercising stock options triggers an income tax liability at the point of conversion.
Given the substantial sums involved, some executives may opt to hold the shares, anticipating future gains to offset the tax burden.
Anshuman Das, CEO of executive search firm Longhouse, noted that such moves are often both strategic and symbolic—demonstrating belief in the company’s future while creating personal wealth.
A chartered accountant from a Big Four firm added that unrealised ESOP expenses can weigh on a company’s financials if left unexercised during a stock upswing.
Thus, the timing of this exercise aligns with both personal and corporate financial considerations.
Performance of Blinkit Bolsters Market Sentiment
The ESOP exercise comes amid Blinkit’s robust performance in the quick commerce segment.
For the quarter ending June 30, Blinkit’s gross order value (GOV) surged 140% year-on-year to ₹11,821 crore, surpassing Zomato’s GOV of ₹10,769 crore for the first time.
Blinkit also added 243 new stores during the quarter, expanding its footprint to 1,544 locations, with plans to reach 2,000 by year-end3.
Despite Eternal’s net profit dipping 9% due to aggressive expansion, the company’s topline growth and Blinkit’s market leadership have buoyed investor sentiment.
Executives’ decision to exercise ESOPs at this juncture reinforces the narrative of long-term value creation and operational confidence.
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