New Delhi: State-owned Punjab National Bank (PNB) on Wednesday said it will raise 539.50 crore by issuing 10 crore equity shares to its employees under staff stock purchase scheme.The issue price was decided at the board meeting held on Wednesday.

A meeting of the remuneration committee of the bank took the decision to offer, issue and allot up to 10 crore new equity share of the bank to the eligible employees of the bank under Punjab National Bank Employee Share Purchase Scheme at a price of 53.95 per equity share, the bank said in a regulatory filing.

The offer will open on 30 November and close on 10 December 2018.

The government in March 2017 had allowed public sector banks to offer stock options to their employees, aimed at retaining experienced hands and better incentives besides a means of capital raise.

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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