J&K Bank Employees Stock Purchase Scheme over-subscribed

SRINAGAR : J&K Bank’s Employees Stock Purchase Scheme (ESPS-2021) has got an overwhelming response from the Bank staff resulting in the over-subscription of the issue. Owing to repeated requests from the staff members, the Bank has extended the issue closing date of the scheme by four days to 7th of September, 2021.

Commenting upon the staff response, the Bank’s CMD R K Chhibber said, “Time and again, I feel amazed by the emotional connect and professional conduct of J&K Bank Family towards this beloved institution. And I feel very proud today to have got my belief vindicated again as the staff members have participated whole-heartedly in the scheme and have already surpassed the targeted aggregate amount leading to the over-subscription of issue.”

The Bank had launched Employees Stock Purchase Scheme (ESPS – 2021) on 27th of August, 2021, for the benefit of the employees enabling them to subscribe J&K Bank equity at a decently discounted price against the market value as per SEBI approved formula. Post-extension of closing date, the remaining employees can submit their application for the purchase of shares through Banks existing HRMS application (Peoples system) till 7th September, 2021 as per already issued guidelines.

Till date under the ESPS, the Bank has got more than the board-approved figure of Rs 150 Crore through subscription; however, the number of Bank’s equity shares shall be allotted proportionately to the staff as per the laid-down eligibility criteria.