Bank of Baroda to issue fresh equity shares under staff stock purchase scheme

Bank of Baroda Thursday said it will issue 10 crore fresh equity shares for its staff under the employee stock purchase scheme.

The Board of Directors of the Bank in its meeting held Thursday has inter-alia considered and approved issuance of up to 10 crore fresh equity shares to its employees in one or multiple tranches under Bank of Baroda Employee Share Purchase Scheme (BOB-ESPS), BoB said in a regulatory filing.

The bank said the equity issuance to staff is subject to modalities of scheme to be finalised by Strategic Advisory Committee.

Wednesday, Punjab National Bank Wednesday had said it will raise Rs 539.50 crore by issuing 10 crore equity shares to its employees under staff stock purchase scheme.

PNB staff will be able to subscribe to the offer between 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.

Shares of Bank of Baroda closed 0.29 per cent up at Rs 105 apiece on the BSE.