When you give employees stock ownership as part of their incentives, you usually have to issue additional shares to give them. This results in an increase in the number of shares outstanding of the company. When the number of shares outstanding increases without any change in your existing holdings, the percentage of your holdings decreases. This is what I think happened to the promoters’ holdings.
I think this point was asked as a question in the last Concall where somebody pointed out the dilution of equity as a drawback of ESOPs being given to employees. But it’s a standard practice that firms in initial stages of growth use.
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