State bank of India has decided to provide its staff with 55.56 lakh equity shares of Rs 10 to each of its employee. Under an Employee Stock Purchase Scheme (ESPS) the bank has planned to offer its staff with it in one or more branches.
As per the decision of the board the bank will offer the discount on the equity shares to its employees. It has been reported that the discount will be decided on the basis of the average of the weekly high and low of the closing prices of the shares quoted on the NSE during the two weeks preceding the launch date, but the price will not be lower than Rs 1,565 an equity share. With the price of Rs 1,565 per share the SBI bank can raise up to Rs 870 crore under ESPS.