PNB to raise Rs 5.39 bn through staff stock purchase scheme from Nov 30

The offer by Punjab National Bank will open on November 30 and close on December 10

State-owned Punjab National Bank on Wednesday said it will raise Rs 5.39 billion by issuing 100 million equity shares to its employees under staff stock purchase scheme.

The issue price was decided at the board meeting held today.

A meeting of the remuneration committee of the bank took the decision to offer, issue and allot up to 100 million 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 bank said in a regulatory filing.

The offer will open on November 30 and close on December 10, 2018.

The government in March 2017 had allowed public sector banks to offer stock options to their employees, aimed at retaining experienced hands and better incentives besides a means of capital raise.