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Home Business Banking & Finance Bank of India raises Rs 660 cr by selling shares to employees

Bank of India raises Rs 660 cr by selling shares to employees

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State-owned Bank of India (BoI) on Tuesday said that it has raised Rs 660.80 crore by issuing shares to employees under Employee Share Purchase Scheme (ESPS).

The bank issued 6,25,52,188 shares of Rs 10 each to eligible employees, BoI said in a statement.

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It offered a discount of 24.28 percent on the applicable price to the employees and about 94.70 percent of total employees participated in the scheme, it said.

These shares are issued with a lock-in period of one year, it added.

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