SBI may offer employees stock purchase plan

While State Bank of India informed the BSE that its central board would meet on January 14 to consider issue of increase in the issued capital via the rights issue and Employees Stock Purchase Scheme, the announcement turned out to be a pleasant surprise for the bank’s employees. Mr. Prakash Gangal, Secretary, All India State Bank of India Employees Federation said ‘we had asked for Employee Stock Option (ESOP) or some quota for employees at concessional rate on November 26. The management had then stated that the matter would have to be referred to the Government and did not commit anything. Even last week, when we followed up on this issue, we learnt that they had not heard from the Government. We are pleasantly surprised now. We will have to wait and watch," he said when sought for his comment. He, however, pointed out that such of those who already had some shares of the bank would be eligible to apply for rights shares.