Search
Allahabad Bank to Raise Rs. 350cr By Selling Equity to Employees
November 09, 2017
Public sector Allahabad Bank is planning to raise Rs. 350 crores by selling its shares to the employees under the Employee Stock Purchase Scheme (ESPS).
The Bank’s Managing Director and CEO Usha Ananthasubramanian said that although the plan has been approved by the Reserve Bank of India (RBI) and the finance ministry, they are waiting for a green signal from the Securities and Exchange Board of India(Sebi).
She said that while it may not happen in this quarter, it’s likely to be done by the first quarter in the next calendar year.
