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