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Allahabad Bank offers employees to buy shares

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Kolkata, Feb 1 (PTI) City-based Allahabad Bank today said it had started to offer five crore equity shares to its employees under an `Employee Share Purchase Scheme' in a bid to create a separate investor class.

The employees would be offered shares at a face value of Rs 10 each. The offer period started yesterday and would remain open for two weeks, the bank said in a statement.

The shares would be offered to all categories of employees.

It said that the bank would be able to raise the capital base through this route as a part of its growth strategy and also increase the participation and involvement of all sections of employees with a sense of ownership in the bank as its stakeholders.

Sources said that the bank was expecting to raise Rs 350 crore from this scheme and the lock-in period would be one year after which the employees would be able to sell their shares.

Meanwhile, MD and CEO of Allahabad bank Usha Ananthasubramanian has become the chairman of Indian Banks Association (IBA). PTI dc


Disclaimer: This story has not been edited by BW staff and is auto-generated from a syndicated feed.

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