State-owned Punjab National Bank (PNB) is planning to raise funds from the sale of up to 15 crore shares under its Employee Stock Purchase Scheme (ESPS). PNB would raise up to INR 780 crore from the scheme at the current market price. The bank proposed to issue and allot up to 15 crore new equity shares of the face value of INR 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. The meeting regarding this will be held on 30th June.
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 was stood at 73.15 per cent as on March 31, 2023.
As part of the scheme, the bank issued up to 10 crore new equity shares to its employees at a discounted price of INR 53.95 per share in 2018.
