Punjab Nationwide Financial institution (PNB) on Thursday stated it has proposed to lift funds from the sale of as much as 15 crore shares below its Worker Inventory Buy Scheme (ESPS).
The general public sector financial institution in regulatory submitting, concerning the annual normal assembly, stated it proposes to difficulty and allot as much as 15 crore new fairness shares of the face worth of ₹2 every, rating pari passu with the prevailing fairness shares for all functions and in all respects, together with cost of dividend, below an ESPS in a number of tranches.
The annual normal assembly might be held on June 30, the financial institution stated within the submitting.
The PNB-ESPS can be issued at such value or costs, and on such phrases and situations as could also be deemed acceptable by the Board its absolute discretion in such a manner that Authorities of India share holding doesn’t come beneath 52.00%.
The federal government holding within the financial institution stood at 73.15% as on March 31, 2023.
In 2018, the financial institution raised ₹500 crore from its workers below the workers inventory buy scheme.
As a part of the scheme, the financial institution issued as much as 10 crore new fairness shares to its workers at a reduced value of ₹53.95 per share.
Up to date: 08 Jun 2023, 10:27 PM IST