Home / Industry / Banking /  Syndicate Bank to raise up to 500 crore by issuing shares to staff

New Delhi: State-owned Syndicate Bank Wednesday said it would raise up to 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 500 crore by creating, granting offer, issuing and allotting up to 30,00,00,000 new equity shares of face value of 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 Wednesday 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.

Stock of Syndicate Bank closed 1.64% down to 39.10 apiece on the BSE; Vijaya Bank closed 0.29% up at 51.05 per share on the BSE.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed)

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