Moneyview has 49.5 million employee options outstanding

Moneyview has 49,513,649 employee stock options outstanding at a weighted average exercise price of Rs 1 each, including 8,309,307 vested but unexercised options. The remaining options could result in an equal number of equity shares, after 62,672,336 options were exercised from April 1, 2026 until the red herring prospectus date.

How large is Moneyview’s remaining employee-option overhang?

Moneyview’s remaining employee-option overhang is 49,513,649 options, with each option corresponding to one equity share on exercise. That total equals 3.21% of the 1,539,643,403 equity shares in Moneyview’s shareholding pattern at the red herring prospectus date. The comparison measures the potential option-linked shares against the reported equity-share base.

Moneyview’s employee stock option plan, or ESOP Scheme, permits a maximum of 125,007,797 equity shares to be issued through exercises by eligible employees. The company reported 145,362,081 cumulative grants, 31,564,880 options forfeited, lapsed or cancelled, and 64,283,552 cumulative exercises. These movements left 49,513,649 options outstanding, which is also the stated number of equity shares that would arise if all options in force were exercised.

The cumulative grant total exceeds the stated maximum ESOP pool, but the prospectus identifies the pool as the maximum number of equity shares that may be issued on exercise of grants. Cumulative grants include options that were subsequently exercised, forfeited, lapsed or cancelled. The continuing potential share issuance is therefore the 49,513,649 options in force, subject to employee exercise, future lapses or cancellations.

What changed in Moneyview employee options after April 1, 2026?

Moneyview employee options in force fell from 104,551,465 at the start of the period beginning April 1, 2026 to 49,513,649 at the prospectus date, a reduction of 55,037,816 options. The partial-period movement included 62,672,336 exercises, 8,942,920 fresh grants and 1,308,400 options forfeited, lapsed or cancelled.

The direction of change differed from the preceding three fiscal years. Options in force increased from 63,746,739 in fiscal 2024 to 78,152,264 in fiscal 2025 and 104,551,465 in fiscal 2026, before falling in the period from April 1, 2026. The annual disclosure presents dashes rather than exercise figures for fiscal 2024 through fiscal 2026, so it does not provide an annual exercise comparison with the 62,672,336 exercises reported in the latest partial period.

Vested but unexercised options declined from 62,934,931 in fiscal 2026 to 8,309,307 at the prospectus date. The current vested balance represented 16.78% of the 49,513,649 outstanding options. Vesting makes an option eligible for exercise under the ESOP Scheme, but Moneyview does not state that every holder of a vested option will exercise it.

How does the Rs 1 exercise price affect Moneyview’s option structure?

Moneyview reported a weighted average exercise price of Rs 1 per option in each period from fiscal 2024 through the prospectus date. The current Rs 1 weighted average applies to the 49,513,649 options in force, while the company’s equity shares have a face value of Rs 1 each. The exercise price is the amount payable to obtain a share under the relevant option terms.

The prospectus separately reports option fair values, which are accounting measures rather than exercise prices. The weighted average fair value was Rs 43.15 in the period from April 1, 2026, compared with Rs 38.20 in fiscal 2026 and Rs 36.40 in both fiscal 2025 and fiscal 2024. Moneyview says it calculated fair value using the Black-Scholes model, an option-pricing method, and accounted for the grants accordingly.

The model’s expected-volatility assumption ranged from 38% to 48% a year in the latest partial period, compared with 44% to 49% in fiscal 2026. The corresponding risk-free-rate range was 5.88% to 6.44%, against 5.80% to 6.10% in fiscal 2026. Those assumptions affect the reported fair value of options, whereas the Rs 1 figure is Moneyview’s disclosed weighted average exercise price.

Who holds ESOP shares and when can they be sold?

Moneyview’s ESOP Scheme is administered through the Moneyview Employees Trust, which held 12,327,664 equity shares, or 0.80% of the 1,539,643,403 reported shares, at the prospectus date. The trust has two employee trustees under the Securities and Exchange Board of India Share Based Employee Benefits and Sweat Equity Regulations, or SEBI SBEB Regulations. On exercise and payment of applicable taxes, the corresponding shares are transferred from the trust to the relevant employee’s dematerialised account.

The trust could exercise voting rights before listing, but those rights terminate upon listing under the SEBI SBEB Regulations. Moneyview also states that the trust-held shares are not subject to lock-in from allotment in the offer because they are exempt under Regulation 17 of the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations. A lock-in is a regulatory restriction on transferring securities for a specified period.

Moneyview states that key managerial personnel and senior management may sell some equity shares allotted on option exercise within three months after listing. The prospectus does not quantify their intended sales. It discloses grants of 10,356,715 options to key managerial personnel member Saurav Goyal, 6,870,263 options to a senior-management member and 4,346,676 options to another senior-management member.

Conclusion

Moneyview’s employee ownership disclosure shows 62,672,336 option exercises in the period from April 1, 2026 alongside 49,513,649 options still in force. The exercise activity reduced the option balance from 104,551,465 at the period’s start, while 8,309,307 vested options remained available for exercise at a Rs 1 weighted average exercise price.

The next disclosed changes to watch are exercises, fresh grants, lapses and cancellations under the ESOP Scheme, as well as any sales by key managerial personnel or senior management in the three months after listing. Moneyview has not disclosed an aggregate intended sale quantity, and the remaining options will produce transferred shares only when employees exercise them and pay applicable taxes.