Syndicate Bank to raise up to Rs 500 cr by issuing shares to staff

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Syndicate Bank to raise up to Rs 500 cr by issuing shares to staff

State-owned Syndicate Bank said it would raise up to Rs 500 crore by issuing shares to its employees under the employee stock purchase scheme.

A meeting of the committee of directors on employee stock purchase scheme (ESPS) — Compensation Committee — is scheduled to be held on January 7 to consider, finalise and approve the Syndicate Bank Employee Stock Purchase Scheme, the bank said in a regulatory filing.

The bank said it would “raise equity share capital up to Rs 500 crore by creating, granting offer, issuing and allotting up to 30,00,00,000 new equity shares of face value of Rs 10 each to the eligible employees of the bank.”

Another public lender Vijaya Bank in a separate filing said its board of directors at a meeting held on January 2 approved issuance of up to 5 crore fresh equity shares to its employees in one or multiple tranches under Vijaya Bank ESPS.

The scheme is to be finalised by the ESPS committee of board, it added.

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

2019-01-04 13:20:26

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

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