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IOB raises Rs.217 Crore through ESPS
Posted on: 22/Jan/2019 6:15:52 PM
Indian Overseas Bank has mobilized Rs. 217 crores through its Employee Stock Purchase Scheme (ESPS). The ESPS issue which was launched on 31.12.2018 was closed on 21.01.2019 as scheduled. The employees were offered upto 18.24 crore equity shares at a discounted price of Rs. 11.90. The overwhelming response of the employees resulted in over subscription. In this process the Bank added to its capital funds to the extent of around Rs. 271 crores. 24550 employees contributed towards share capital to become proud co-owners of the Bank, reinforcing their unstinted commitment and dedication towards the Bank’s Turnaround path. IOB has set a new record among Public Sector Banks as 92% of its employees have subscribed to over 100% of its ESPS.
