SBI planning employee share purchase scheme

Abhishek Law
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Arundhati Bhattacharya, Chairperson, SBI
Arundhati Bhattacharya, Chairperson, SBI

The State Bank of India (SBI) is eyeing an employee share purchase scheme sometime next fiscal (2014-15).

According to Arundhati Bhattacharya, Chairman, SBI, the scheme would be worth between ₹800 crore and ₹1,200 crore. The size of the issue will, however, depend on the price at which they are offered.

“We are looking at a ₹800 crore-₹1,200 crore employee share purchase scheme, most probably in the next fiscal. We have sought permissions in this regard,” Bhattacharya said on the sidelines of a programme organised by the Tata Medical Centre here today.

According to her, all employees of the bank, including its officers and clerks, will be eligible for the shares. Shares will be offered at a discounted rate.

“The shares will be offered at a discount. Otherwise it does not make sense and they can buy it from the market,” she added.

SBI shares were trading at ₹1,654 at the BSE on Friday afternoon.

(This article was published on March 7, 2014)
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