Allahabad Bank plans ESPS offer

In a bid to develop employees as an investor class, Kolkata-headquartered Allahabad plans to offer them an ‘employee share purchase scheme’ in the January-March 2018 quarter. The public sector bank intends to raise ₹350 crore via this route. Usha Ananthasubramanian, MD & CEO, Allahabad Bank, said the lock-in period for shares issued under ESPS will be only one year. Shares under the scheme will be offered to all categories of employees. Post lock-in, the bank’s employees can sell their shares if they feel they have run up.