Post declaration a week ago that FreeCharge will now be sold to private sector loan specialist Axis Bank for Rs. 385 crore, employees are presently being given six-month retention bonus to guarantee that the reconciliation happens with no hiccups.
The payouts were being made to guarantee that employees don’t stop the firm while Axis Bank assumes control FreeCharge. These retention bonuses are being given in light of employees’ status and the time spent in the association.
At the point when Snapdeal obtained FreeCharge, the valuation of the last remained at an elevated $400 million. In any case, over the most recent one year, the valuation has dove extensively. Consequently, holding employees on the premise of employees’ stock ownership plan (ESOPs) would be of practically zero in centrality.
The retention bonus being given to employees is for a time of six months and those leaving the organization following a month or so will a be just be given piece of the bonus.
Jasper Infotech, FreeCharge’s parent organization which additionally possesses and works Snapdeal, had likewise been on a post to raise crisp funds for the payments provider to contend no holds barred with the developing prevalence of Paytm in the nation.
Then again, Snapdeal has canceled arrangements for a potential merger with Flipkart. Not long after making the declaration on Monday.