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Allahabad Bank planning to launch ESPS offer in Q4FY18

07 Nov 2017 Evaluate

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.

 

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