United Bank firms up employee share purchase plan, awaits Sebi nod

Issue expected to get support from unions of both employees and officers

After Allahabad Bank, another Kolkata-based public sector lender, United Bank of India, has firmed up plans for the employee share purchase scheme (ESPS).

The bank’s employees are expecting a steep discount at issue price, similar to Allahabad Bank’s ESPS option earlier this year. Allahabad Bank had issued shares price at Rs 53.94, which was at a 25 per cent discount compared to the prevailing price of Rs 70.60 per share. The issue was subscribed by about 80 per cent employees, including officers and other staff. The bank had aimed to raise about Rs 2.80 billion from the issue, but finally it