Andhra Bank nod for employees stock purchase scheme

A committee of directors of Andhra Bank approved the Andhra Bank Employees Stock Purchase Scheme, 2018, under which the bank will be issuing fresh equity to the employees at a discounted price. Under the scheme, that will open for subscription by the eligible employees between February 11-20, the bank would allot the shares at a discounted price. The price of the shares to be allotted would be at a discount of 25% of the average of the weekly high and low of the volume weighted average prices of the shares quoted on NSE during the two weeks preceding February 11, a regulatory filing by the bank on the committee’s meeting said. In September 2018, the Securities and Exchange Board of India (SEBI) had approved Andhra Bank’s request to issue up to 10 crore fresh equity shares to its employees. On Friday, the bank’s shares on the National Stock Exchange closed at ₹29.40, which was a drop of 0.68% compared with the previous day’s closing price.