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Syndicate Bank to raise up to Rs 500 crore by issuing shares to employees

A meeting of the committee of directors on ESPS -- Compensation Committee -- is scheduled to be held on Jan 7 to consider, finalise and approve the Syndicate Bank Employee Stock Purchase Scheme

Press Trust of India  |  New Delhi 

Syndicate Bank posts Rs 263 cr Q1 loss; gross NPAs rise to 9.96%

State-owned Wednesday said it would raise up to Rs 500 crore by issuing shares to its employees under the purchase scheme.

A meeting of the committee of directors on purchase scheme (ESPS) -- -- is scheduled to be held on January 7 to consider, finalise and approve the Employee Purchase Scheme, the said in a regulatory filing.

The bank said it would "raise equity share capital up to Rs 500 crore by creating, granting offer, issuing and allotting up to 30,00,00,000 new equity shares of face value of Rs 10 each to the eligible employees of the bank."

Another in a separate filing said its board of directors at a meeting held on Wednesday approved issuance of up to 5 crore fresh equity shares to its employees in one or multiple tranches under

The scheme is to be finalised by the committee of board, it added.

Stock of closed 1.64 per cent down to Rs 39.10 apiece on the BSE; closed 0.29 per cent up at Rs 51.05 per share on the BSE.


 

First Published: Wed, January 02 2019. 20:21 IST
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