Page 148 - Demo

Pursuant to the ESPS 2019, the Board is authorised to issue up to 72,001,840 fully paid up equity Shares of face value of `10 each with pari-passu voting rights, to the eligible employees (as defined under the eSpS 2019), in accordance with the terms and conditions as may be decided by the nomination and Remuneration Committee of the Bank.
The ESPS 2019 was implemented under two schemes, upfront Scheme and Monthly Scheme. under the
upfront Scheme, employees made the upfront payment to purchase the equity shares and equity shares were allotted to them while under the Monthly Scheme, employees opened a monthly recurring deposit and the equity shares would be allotted to such employees at the end of the 12 months subject to the fulfillment of terms and conditions of subscription. As on March 31, 2020, 14,055,097 equity Shares have been allotted pursuant to the ESPS 2019 Upfront Scheme.
Details of equity shares issued and allotted under eSpS 2019 upfront Scheme are as follows:
November 11, 2019 employee Stock purchase Scheme 10 35 14,055,097
As on March 31, 2020, 3,247,467 equity shares have been earmarked for subscription under the eSpS Monthly Scheme. the equity shares would be allotted to eligible employees under eSpS Monthly Scheme at the end of the 12 months, subject to the fulfillment of terms and conditions of subscription.
Preferential issue on private placement basis
the Bank, as part of its Ipo, had undertaken pre-Ipo placement of 71,428,570 equity shares by way of preferential issue on private placement basis for cash consideration.
the pre-Ipo placement was authorised by the Board and shareholders in their meeting held on november 08, 2019. Details of equity shares issued under preferential issue on private placement basis are as follows:
November 13, 2019 Preferential Issue 10 35 71,428,570 Nil
iPO
In terms of RBI In-Principle Approval, RBI Final Approval and SFB Licensing Guidelines, the Bank was required to list its equity shares on the Stock exchanges within three years from the date of commencement of business of the Bank, i.e., by January 31, 2020.
Having commenced operations on February 01, 2017, to meet the licencing conditions, the Bank undertook an Ipo of 202,702,702 equity shares of face value of `10 each for cash consideration including a reservation for subscription by eligible shareholders of its Holding Company, which resulted in, inter alia, listing of the equity shares on stock exchanges and partial dilution of its promoter’s shareholding.
December 10, 2019 IPO 10 37* 202,702,702* Nil
*20,270,270 equity shares was reserved for subscription by eligible shareholders of the Holding Company and a discount of `2 per equity share was offered to them under the reservation portion.
Date of issue and allotment
Method of allotment
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Issue price (`)
Number of equity shares allotted
Date of issue and allotment
Method of allotment
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Number of equity shares allotted to the promoter group
Date of issue and allotment
Method of allotment
Face value (`)
Issue price (`)
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Number of equity shares allotted to the promoter group
146 | AnnuAl RepoRt 2019-20