New Delhi, Jul 31 (PTI) Public-sector Bank of India will allot up to 10 crore fresh equity shares to its employees under the employees stock purchase scheme, the bank said today.

"The board of directors of the bank in its meeting...approved the proposal for issue and allotment of up to 10 crore fresh equity shares in one or more tranches to the employees of the bank under Bank of India-Employee Stock Purchase Scheme (BOI-ESPS)," it said in a regulatory filing.

The compensation and allotment committee will decide all the matters and formulation of ESPS, it said.

BOI is the latest PSB to have joined the league of banks coming up with employee stock purchase schemes. Before this, Allahabad Bank, United Bank of India and Punjab National Bank have already announced their programmes.

The government in March 2017 had allowed public sector banks to offer stock options to their employees, aimed at retaining experienced hands.

Shares of the bank closed 8.75 per cent down at Rs 94.35 apiece on BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)