IOB raises ₹217 cr. via share sale to employees

Updated Date: 1/23/2019

Category: Business News

ndian Overseas Bank (IOB) has raised ₹ 217 crore through its Employee Stock Purchase Scheme (ESPS).

The ESPS issue was launched on December 31, 2018. It closed on January 21. The employees were offered up to 18.24 crore equity shares at a discounted price of ₹11.90. According to a release, 24,550 employees contributed towards the share capital by participating in the scheme. About 92% of its employees had subscribed to over 100% of its ESPS, the release added.