Syndicate Bank, Union Bank of India and Vijaya Bank to issue shares to staff under ESPS

While Syndicate Bank will be raising up to Rs 500 crore through the scheme, the Union Bank of India hopes to raise Rs 600 crore.

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State-owned Syndicate Bank hopes to raise up to Rs 500 crore by issuing shares to its staff under the employee stock purchase scheme. The Bank proposes to raise equity share capital by granting, issuing and allotting up to 30,00,00,000 new equity shares at Rs 10 each to its eligible employees.

Union Bank of India also announced its plan to raise up to Rs 600 crore by issuing shares under the staff stock purchase scheme. The Bank is all set to offer up to eight crore new equity shares to its eligible employees.

Vijaya Bank had also announced the issuance of five crore fresh equity shares to its staff under ESPS, in a single or multiple tranches.

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