State Bank of India has proposed to offer share purchase scheme for all its employees which could raise additional equity capital, between Rs. 800 crore and Rs. 1,200 crore, for the country's largest lender.
"We are planning to offer employees share purchase scheme and not employees stock option scheme," SBI Chairperson Arundhati Bhattacharya said today during her first visit to the city after taking over as the chief of the bank.
"We have written to the government on this. We cannot say about the valuation now, but the total amount will be worth Rs. 800 crore-Rs.1,200 crore," she said without divulging details on how different would be the bank's scheme from traditional Esops.
Bhattacharya was talking to reporters at the Tata Medical Centre at Rajarhat, New Town, where the bank donated about Rs. 6 crore towards part cost of a new Pet CT scan machine at the hospital.
She said the share purchase scheme would be offered to all bank employees, irrespective of their posts.
"The bank will offer shares to employees at a discount from market price. We hope to implement this in the next fiscal (2014-15), subject to approval," Bhattacharya said.
The bank had 2.23 lakh employees on its rolls as on December 2013.