Muted response to UBI's employee-share purchase scheme; Rs 320 mn raised

United Bank of India (UBI), which recently closed its employee share purchase scheme (ESPS), got a muted response, as the issue was subscribed by about 65 per cent of the employees.

The bank could raise nearly Rs 320 million from the issue, according to Pawan Bajaj, managing director and chief executive officer, UBI. The bank was expecting to raise close to Rs 500 million from 

the issue.

A part of the officers’ union and workman union abstained from the issue.  

The bank had offered a discount of 5 per cent on the market price, and the issue was priced at about