Syndicate Bank extends deadline for Employee Stock Purchase Scheme

Syndicate BankPublic sector lender Syndicate Bank has extended the deadline for its staff to subscribe to bank’s equity pertaining to the Employee Stock Purchase Scheme (ESPS) till March 30.

The bank is planning to raise Rs 500 crore through this practice. The lender has put up as many as 30 crore new equity shares, cumulative up to Rs 500 crore (including premium), for sale under ESPS.

“It is hearby informed that the issue will remain open till March 30, 2019,” said the bank, in a regulatory filing Monday.

As per the sate-owned bank’s filling in February, the issue, which opened on March 5, was supposed to end by March 25.

The bank witnessed a profit in the third quarter after loss in the previous quarters of Financial Year 19.

In an announcement last month, bank’s chairman and CEO Mrutyunjay Mahapatra had said that the bank is planning to introduce an employee share purchase scheme in the first week of March. The scheme offers shares of the bank at a subsidized rate ranging from 23 to 25 percent with lower grade employees getting maximum discount.

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