Srinagar, Mar 22: Receiving an overwhelming 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 March 14 and closed yesterday at 5 PM.
Commending the immense staff response, the Bank’s MD & CEO Baldev Prakash said, “From 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 overwhelmed by your brisk and whole-hearted participation in the scheme that led to the over-subscription in the 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 sharing 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 with such great opportunities 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 an 85-year-old legacy of public trust and profitability, they said in unison.
Notably, under the ESPS -2023, the Bank has received applications for subscriptions of over 9.27 Cr shares amounting to around Rs 364 Cr.