 "PNB to raise funds via share sale under Employee Stock Purchase Scheme")
State-owned Punjab National Bank (PNB) has proposed to raise funds from the sale of up to 15 crore shares under its Employee Stock Purchase Scheme (ESPS).
At the current market price, PNB would raise up to Rs 780 crore from the scheme.
The bank proposes to issue and allot up to 15 crore new equity shares of the face value of Rs 2 each, ranking pari passu with the existing equity shares for all purposes and in all respects, including payment of dividend, under an ESPS in one or more tranches, PNB said in a notice regarding the annual general meeting.
The meeting will be held on June 30, according to the bank.
PNB-ESPS would be issued at such price or prices, and on such terms and conditions as may be deemed appropriate by the board in such a way that the government shareholding does not come below 52 per cent.
The government holding in the bank stood at 73.15 per cent as on March 31, 2023.
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In 2018, the bank raised Rs 500 crore from its employees under the staff stock purchase scheme.
As part of the scheme, the bank issued up to 10 crore new equity shares to its employees at a discounted price of Rs 53.95 per share.