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Allahabad Bank to seek board approval to raise capital from employees

The board of Allahabad Bank will meet on Saturday to conside..

The board of Allahabad Bank will meet on Saturday to consider employee share purchase scheme (ESPS)- an innovative way to raise capital from employees. The CEO of the bank, Usha Anantha subramaniuan, had earlier said that the bank plans to raise Rs 350 crore from ESPS route wherein the bank will issue shares to all categories of employees. Shares of Allahabad Bank fell 4.6% to close at Rs 68.7 a share on Tuesday at Bombay Stock Exchange.

Allahabad bank said that the board will consider issuing five crore new equity shares to the eligible employees. Last month, United Bank also passed a resolution to issue five crore shares to employees under the same scheme.

In March last year, the finance ministry had permitted public sector banks to offer employees stock options in bid to raise capital and talented employees.

Allahabad bank and United bank of India is among the 11 banks facing restriction on banking business after reserve bank of India triggered prompt corrective action

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