PNB mulls to raise funds via Employee Stock Purchase Scheme
1 min read 08 Jun 2023, 10:27 PM ISTPunjab National Bank (PNB) on Thursday said it has proposed to raise funds from the sale of up to 15 crore shares under its Employee Stock Purchase Scheme (ESPS).
PremiumPunjab National Bank (PNB) on Thursday said it has proposed to raise funds from the sale of up to 15 crore shares under its Employee Stock Purchase Scheme (ESPS).
The public sector bank in regulatory filing, regarding the annual general meeting, said it proposes to issue and allot up to 15 crore new equity shares of the face value of ₹2 each, ranking pari passu with the existing equity shares for all purposes and in all respects, including payment of dividend, under an ESPS in one or more tranches.
The annual general meeting will be held on June 30, the bank said in the filing.
The PNB-ESPS would be issued at such price or prices, and on such terms and conditions as may be deemed appropriate by the Board its absolute discretion in such a way that Government of India share holding does not come below 52.00%.
The government holding in the bank stood at 73.15% as on March 31, 2023.
In 2018, the bank raised ₹500 crore from its employees under the staff stock purchase scheme.
As part of the scheme, the bank issued up to 10 crore new equity shares to its employees at a discounted price of ₹53.95 per share.