Punjab National Bank (PNB) To Raise Rs 5.39 Billion Through Employee Stock Purchase Scheme

Punjab National Bank (PNB), one of India's leading public sector banks, has announced plans to raise funds through an Employee Stock Purchase Scheme (ESPS).

State-owned Punjab National Bank said that it will raise Rs 5.39 billion by issuing 100 million equity shares to its employees through a staff stock purchase scheme. The issue price was agreed at today's board meeting.

According to a regulatory filing, the bank's remuneration committee decided to offer, issue, and allot up to 100 million new equity shares of the bank to eligible employees under the Punjab National Bank Employee Share Purchase Scheme at a price of Rs 53.95 per equity share.

The government permitted public sector banks to give stock options to their workers in March 2017, with the goal of keeping experienced personnel and providing stronger incentives, as well as raising cash.