Others

Other Deals

Pine Labs buys back shares worth $6-M from 5 top execs

Entrackr  

Singapore-registered merchant commerce unicorn Pine Labs has initiated a share buyback program worth USD 6.07 million for five of its top level executives including the company's CEO Amrish Rau, who is offloading shares worth USD 1.92 million. Kumar Sudarsan, co-founder of Qwikcilver, has sold shares worth USD 1.75 million. QwikCilver was acquired by Pine Labs in a USD 110 million deal in April 2019. Kush Mehra, chief business officer of Pine Labs, has diluted USD 1.41 million worth of shares in this buyback. Rakesh Sharma, vice president, and Dev Anand Sharma, senior vice president of Pine Labs have also offloaded shares worth USD 500,000 and USD 490,000 respectively. The fresh share buyback comes soon after a USD 13.5 million worth ESOP buyback program announced by the company during a USD 50 million fundraising event from private equity major Vitruvian Partners. Pine Labs has also increased the size of its employee stock options pool by adding 70,000 options and the pool now includes 1.44 million options worth USD 680.23 million.