PNB to raise Rs 539.50 cr via staff stock purchase scheme, offer to open on Nov 30

State-owned Punjab National Bank Wednesday said it will raise Rs 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 today.

A meeting of the remuneration committee of the bank took the decision to offer, issue and allow up to 10 crores 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 Rs 53.95 per equity share, the bank said in a regulatory filing.

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

(With inputs from agencies.)