In a bid to develop employees as an investor class, Allahabad Bank is planning to offer them an ‘employee share purchase scheme (ESPS)’ in the January-March 2018 quarter. The public sector bank intends to raise Rs 350 crore via this route.
The lock-in period for shares issued under ESPS will be only one year. Shares under the scheme will be offered to all categories of employees. Post lock-in, the bank’s employees can sell their shares if they feel they have run up.
Allahabad Bank is a nationalised bank with its headquarters in Kolkata. It is the oldest joint stock bank in India.
