Jio Platforms Limited has 10.28 million vested options at Rs 10

Jio Platforms Limited has 10.28 million employee stock options outstanding, all of which are vested and carry a disclosed exercise price of Rs 10 each. The outstanding balance equals 5.76% of the 178.63-million-option pool, and the company reported no new grants in fiscal 2024, fiscal 2025, fiscal 2026 or from April 1, 2026 to the draft prospectus date.

How large is Jio Platforms’ outstanding option position?

Jio Platforms has 10,280,000 outstanding options under its employee scheme, against a total pool of 178,633,816 options. Every outstanding option would result in one equity share of face value Rs 10 on exercise. The 10.28 million-option balance is 5.76% of the total pool, while the cumulative grants of 20,818,375 options represent 11.65% of the pool.

Jio Platforms had 8,939,030,830 paid-up equity shares as of the draft prospectus date. Full exercise of the 10.28 million options would add about 0.12% to that existing share count. On a simple basis including all option shares, the total would be 8,949,310,830 shares, with the outstanding options representing about 0.11% of that total.

The shareholding disclosure also records 10,280,300 locked-in shares in the public category, whereas the employee stock option scheme, or ESOS, table records 10,280,000 outstanding options. The difference is 300 shares, and Jio Platforms presents these figures under separate labels. The ESOS disclosure is the stated basis for the 10.28 million outstanding-option figure.

Why are all Jio Platforms options fully vested?

Jio Platforms states that all 10.28 million outstanding options have vested as of the draft prospectus date. Vesting means the employee has met the scheme conditions required to exercise an option; it does not mean that an equity share has already been issued. The options remain outstanding until exercise, lapse, forfeiture or cancellation.

The annual movement table reports 160,000 options vested in fiscal 2025 and 10,120,000 vested in fiscal 2026, totalling 10.28 million options. No options vested from April 1, 2026 to the draft prospectus date because the balance was already fully vested. Jio Platforms reported no option exercises, including options pending allotment, in fiscal 2024, fiscal 2025, fiscal 2026 or the latest partial period.

The disclosed exercise price is Rs 10 per option in every reported period. If employees exercised all 10.28 million outstanding options at that price, Jio Platforms would receive Rs 10.28 crore in exercise proceeds. That outcome requires employees to elect exercise and the options to remain valid under the JPL ESOS 2020 terms.

What changed in Jio Platforms’ option balance over three years?

Jio Platforms’ outstanding options fell from 13.36 million at the beginning of fiscal 2024 to 10.28 million in the latest disclosed period. The 3.08 million-option decline resulted from forfeitures, lapses and cancellations, rather than exercises or new grants. No grants were reported in any of the four disclosed periods.

Fiscal 2026 accounted for 2.60 million, or 84.42%, of the 3.08 million-option reduction from the fiscal 2024 opening balance. The latest partial period recorded no grants, vesting, exercises, forfeitures, lapses, cancellations or variation in option terms. Maintaining the 10.28 million balance after that reporting point would require no subsequent exercise, lapse, cancellation or other scheme action.

The cumulative scheme figures show 7.34 million options exercised since the scheme began and 3.20 million forfeited, lapsed or cancelled. Those figures, together with 10.28 million outstanding options, reconcile to the 20.82 million cumulative grants. Although earlier exercises resulted in equity shares, the recent fiscal 2024 through fiscal 2026 movement tables show no exercises.

Who can receive Jio Platforms options and who administers them?

Jio Platforms adopted the Jio Platforms Limited Employees’ Stock Option Scheme 2020, referred to as JPL ESOS 2020, on September 30, 2020. Its board and shareholders approved the scheme on that date. The stated purpose is to retain and attract key talent and create wealth opportunities for employees of Jio Platforms and its subsidiaries.

The scheme is administered through the JPLE ESOS 2020 Trust, an employee stock option trust. Jio Platforms says JPL ESOS 2020 complied with the Securities and Exchange Board of India Share Based Employee Benefits and Sweat Equity Regulations, or SEBI SBEB & SE Regulations, according to a June 19, 2026 certificate issued by BNP & Associates, Company Secretaries. The company also says grants and allotments on exercise complied with the Companies Act, 2013.

No employee-wise grants were reported in the disclosed periods for key managerial personnel, senior management, employees receiving at least 5% of grants in a year, or identified employees granted at least 1.00% of issued capital at grant. Separately, Jio Platforms reported that directors held no equity shares as of the draft prospectus date. Ten named key managerial personnel and senior managers held between 40,000 and 90,000 shares each, with every disclosed holding below 0.01% of pre-issue paid-up capital.

What could change Jio Platforms’ option balance next?

Jio Platforms’ 10.28 million-option balance can change if employees exercise options or if options lapse, are forfeited or cancelled. The company reported nil money realised from exercises in fiscal 2024, fiscal 2025, fiscal 2026 and the period from April 1, 2026 to the draft prospectus date. It also reported nil variation in option terms across those periods.

Jio Platforms measured the fair value of its equity-settled options using the Black-Scholes formula. The disclosed inputs include a weighted average exercise price of Rs 10, vesting years from 2021-22 to 2028-29, expected volatility of 33.79% to 36.25%, and a risk-free interest rate of 5.1% to 6.0%. These valuation assumptions do not alter the number of shares arising on exercise.

Apart from options granted under JPL ESOS 2020, Jio Platforms says it had no outstanding warrants, options to be issued, or rights to convert debentures, loans or other instruments into equity shares as of the draft prospectus date. Until listing or refund of application monies, it says no further equity issue is planned other than the issue itself and any JPL ESOS 2020 allotment. The company also discloses that shareholder-approved future capital raising proposals or strategic transactions could result in equity issuance.

Conclusion

Jio Platforms’ disclosed employee ownership position consists of 10.28 million fully vested outstanding options at Rs 10 each. The balance is 5.76% of the 178.63-million-option pool and would add about 0.12% to the 8.94 billion paid-up shares if fully exercised. No new grants or exercises were reported from fiscal 2024 through the latest partial period, while cancellations, lapses and forfeitures reduced the balance by 3.08 million options.

The next change to watch is employee exercise of the fully vested balance, because full exercise would create 10.28 million equity shares and generate Rs 10.28 crore at the disclosed exercise price. Jio Platforms has also disclosed that JPL ESOS 2020 allotments remain possible before listing, while any future capital raising proposal or strategic transaction would require the stated shareholder approval.