Great staff response results in over-subscription of J&K Bank ESPS -2023

STATE TIMES NEWS

SRINAGAR: Receiving an over-whelming response from the staff, J&K Bank’s Employees Stock Purchase Scheme (ESPS-2023) has got over-subscribed by more than 32 percent. The issue was opened on 14th March and closed yesterday at 5 PM.
Commending the immense staff response, the Bank’s MD & CEO Baldev Prakash on Wednesday said, “From the day one, you have never failed to amaze me with your profound sense of commitment and belief in the bright future of this wonderful Bank. I am truly over-whelmed by your brisk and whole-hearted participation in the scheme that led to the over-subscription in first three days of the issue.”
“I am sure that the over-subscription shall boost stakeholders perception especially that of investors about our strong belief and requisite will to script a new chapter of glory towards making J&K Bank one of the best and most successful financial institutions in the country”, he added.
With a view to share with the employees’ the value created by them, the Bank launched its Employees Stock Purchase Scheme (ESPS – 2023) to promote and increase their direct ownership and participation in the institution.
Members of the staff associations thanked the Bank’s board and management for providing employees such great opportunity to invest and increase their stakes further in the institution.
And with this kind of staff-response, we have deepened our emotional equity further while exhibiting our belief in the unrealized potentialities of the Bank that rides and rises steadily on 85 year-old legacy of public-trust and profitability, they said in unison.
Notably, under the ESPS -2023, the Bank has received applications for subscription of over 9.27 Cr shares amounting to around Rs 364 Cr.
Pertinently, the Bank’s Board had approved to offer up to 7 Cr new equity shares under the scheme to the employees thereby enabling them to subscribe to Bank’s equity at a decently discounted price against the market value as per SEBI approved formula.
The number of Bank’s equity shares shall, however, be allotted proportionately to the staff as per the laid-down eligibility criteria.