Punjab National Bank (PNB) has announced yesterday that the bank is planning to raise Rs 539.50 crores by issuing 10 crore equity shares to its staff under its personnel stock purchase scheme.
The issue price which is set at Rs 53.95 per equity share, was decided at the board meeting held on Wednesday i.e. 28/11/2018.
Punjab National Bank said in the regulatory filings, “A meeting of the remuneration committee of the bank took the decision to offer, issue and allot up to 10 crores new equity share of the bank to the eligible employees of the bank under Punjab National Bank Employee Share Purchase Scheme at a price of Rs 53.95 per equity share.”
The offer is set to go live on 30 November and 10 December 2018 is the ending date. Earlier in March 2017, the government had allowed public sector banks to offer stock options to their employees, in order to retain experienced staff and provide better incentives besides a means of capital raise.