Bank of India raises Rs 660 cr by selling shares to employees

State-owned Bank of India (BoI) Tuesday said it has raised Rs 660.80 crore by issuing shares to employees under Employee Share Purchase Scheme (ESPS).

The bank issued 6,25,52,188 shares of Rs 10 each to eligible employees, BoI said in a statement.

It offered a discount of 24.28 per cent on the applicable price to the employees and about 94.70 per cent of total employees participated in the scheme, it said.

These shares are issued with a lock-in period of one year, it added.