Bank of Baroda board to consider allotment of shares to staff next week under employee stock purchase scheme

Bank of Baroda (BoB) on Thursday said its board will meet next week to consider allotment of fresh shares under the employee stock purchase scheme.

Press Trust of India November 22, 2018 18:07:13 IST
Bank of Baroda board to consider allotment of shares to staff next week under employee stock purchase scheme

New Delhi: Bank of Baroda (BoB) on Thursday said its board will meet next week to consider allotment of fresh shares under the employee stock purchase scheme.

"The board of directors of the bank is scheduled to meet on 29 November, 2018 to consider and approve issuance of fresh equity shares to its employees under Sebi (Share Based Employee Benefits) Regulations, 2014," BoB said in a regulatory filing.

Bank of Baroda board to consider allotment of shares to staff next week under employee stock purchase scheme

Representational image. Reuters

The government in March 2017 had allowed public sector banks to offer stock options to their employees in order to retain experienced hands. The scheme also aims at providing better incentives besides being a means of capital raise.

Allahabad Bank has raised nearly Rs 236 crore in its maiden Employee Share Purchase Scheme (ESPS).

United Bank completed the issue of around 5 crore fresh shares to employees under the scheme on 31 August, 2018.

PNB will offer 10 crore shares under the scheme while Canara Bank will issue up to 6 crore equity shares to its staff to raise up to Rs 1,000 crore under ESPS.

Stock of Bank of Baroda closed 1.79 percent down at Rs 109.95 on BSE.

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