Bank of India to offer 100 million fresh equity shares to employees

Public-sector Bank of India will allot up to 100 million fresh equity shares to its employees under the employees stock purchase scheme, the bank said on Tuesday.

"The board of directors of the bank in its meeting...approved the proposal for issue and allotment of up to 100 million fresh equity shares in one or more tranches to the employees of the bank under Bank of India-Employee Stock Purchase Scheme (BOI-ESPS)," it said in a regulatory filing.

The compensation and allotment committee will decide all the matters and formulation of ESPS, it said.

BOI is the latest PSB to have joined the league of banks coming up with employee stock purchase schemes. Before this, Allahabad Bank, United Bank of India and Punjab National Bank have already announced their programmes.

The government in March 2017 had allowed public sector banks to offer stock options to their employees, aimed at retaining experienced hands.

Shares of the bank closed 8.75 per cent down at Rs 94.35 apiece on BSE.