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Allahabad Bank, United Bank to come up with ESOP plans

Press Trust of India  |  New Delhi 

As part of capital raising plans, public sector lenders Bank, United have initiated process to make employees stakeholders by way of issuing employee stock option (ESOP).

Kolkata-headquartered United of and today said they will issue such stock options for their employees.

The board of directors at a meeting held today approved the proposal to issue up to 5 crore equity in one or more tranches by way of ESOP/ESPS, United Bank said in a regulatory filing.

Bank said the board of directors of the bank will meet on December 12 to "consider a proposal to convene an extraordinary general meeting of shareholders of the bank for their consent/approval for issue of up to 5 crore new equity of bank in one of more tranches by way of employee share purchase scheme (ESPS).

Earlier in March this year, the ministry had given its in-principle approval to allow public sector banks to offer stock options to their employees, aimed at retaining experienced hands with better incentives.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 06 2017. 21:10 IST