Syndicate Bank to offer shares to employees at discounted rates

Syndicate Bank has proposed to launch Employee Share Purchase Scheme (ESPS) at discounted rates.

Discounts will range from 23 to 25%, based on the employee status in the staff hierarchy, with the lower-grade employees getting the maximum discount. The bank hopes to mop up Rs. 500-600 crore through the scheme, said Mrutyunja Mahapatra, Managing Director and CEO of the bank.

He added the bank is expecting an early settlement of Rs. 18,000 crore of its stressed loans comprising more than 90 cases that are currently before the various National Company Law Tribunals (NCLT). The bank has also taken steps to bring its gross NPA below 12% and net NPA below 6 per cent from the existing levels of 12.5 per cent and over 6%.