New Delhi: In continuation of an unwavering commitment towards wealth creation for its team members, Log9 Materials, the emerging pioneers in battery technology, has announced an Employee Stock Ownership Plan (ESOP) buyback worth INR1.5 crore for the year 2023.
Last year the Log9ners had benefited from a similar ESOP buyback nearing INR 1 crore. These initiatives are not just a financial transaction but a reaffirmation of Log9’s dedication to placing employees first, the company said.
This year’s ESOP buyback encompasses shares of 17 employees, many of whom have been instrumental in propelling Log9’s remarkable growth. The beneficiaries span a wide age range, from individuals in their mid-20s to those in their mid-50s.
Among the beneficiaries are some of Log9’s longest-serving employees, both from core and non-core functions.Their dedication has been instrumental in the company’s ongoing success, and this buyback represents not just a financial gain but a deep appreciation for their efforts, the company said in a media release.
Log9’s quest for prosperity has also left a trail of satisfied investors in its wake. Several of the company’s early investors experienced an extraordinary return on investment (ROI), the release said.
An ESOP benefiter from Log9 says, “ESOPs offer us a diversified investment because we are invested in the company that we work for, which may have a different risk profile compared to traditional investments like stocks or bonds. This diversification can be a valuable part of our overall investments. It encourages a long-term perspective. That’s because we, as employees, have vested interest in the company’s future, so we may be more inclined to stay longer with Log9 and contribute to its growth in the coming years. Owning ESOPs makes us feel appreciated and compensated for the work that we do.”This ESOP buyback isn’t a one-time occurrence for Log9; it’s a practice the company intends to incorporate in the coming years, the release added.
