BIPL Securities approves Scheme of Arrangement draft with AKD Securities

News Image

By MG News | September 28, 2021 at 01:31 PM GMT+05:00

0:00

September 28, 2021 (MLN): The Board of Directors of BIPL Securities Limited has approved the draft Scheme of Arrangement as per which AKD Securities Ltd (AKDSL) shall be merged with and into the Company, against which 457,834,171 ordinary shares of the Company, having a face value of Rs10 each, shall be allotted and issued in aggregate by the Company to the shareholders of AKDSL.

These shares will be allotted as fully paid up, on the basis of a swap ratio of 2.59 shares of the Company for every 1 share of AKDSL held by each of the shareholders of AKDSL, in accordance with the provisions of the Scheme.

The authorized capital of the Company, upon sanction of the Scheme, shall stand automatically increased from Rs2bn to Rs7bn, divided into 700mn shares of Rs10 each by the merger of the existing authorized share capital of AKDSL and the Company and by virtue of an additional increase of Rs. 2.5bn to accommodate the swap ratio.

Upon sanction of the Scheme, the name of the surviving entity i.e. the Company shall be changed to "AKD Securities Ltd.", company’s notice to Exchange said.

As per the notice, the aforesaid approval is subject to obtaining all necessary shareholders', creditors and regulatory approvals, and the sanction of the Scheme by the High Court of Sindh along with the fulfilment of related legal formalities.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 132,576.99
161.03M
-0.62%
-826.20
ALLSHR 82,983.68
903.36M
-0.25%
-204.38
KSE30 40,358.80
56.86M
-0.72%
-292.66
KMI30 190,727.32
67.92M
-0.71%
-1356.60
KMIALLSHR 55,698.48
457.08M
-0.27%
-149.22
BKTi 36,242.06
11.15M
-0.50%
-180.82
OGTi 28,323.42
10.71M
-0.40%
-114.19
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 109,775.00 109,995.00
108,625.00
560.00
0.51%
BRENT CRUDE 70.13 70.71
69.85
-0.02
-0.03%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.45
1.51%
ROTTERDAM COAL MONTHLY 109.00 109.00
109.00
1.90
1.77%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.32 68.94
67.78
-0.01
-0.01%
SUGAR #11 WORLD 16.47 16.51
16.08
0.34
2.11%

Chart of the Day


Latest News
July 09, 2025 at 05:27 PM GMT+05:00

Gold price in Pakistan falls Rs3,000 per tola


July 09, 2025 at 05:26 PM GMT+05:00

UBL crowned top performing Primary Dealer in FY25


July 09, 2025 at 05:11 PM GMT+05:00

SECP approves name change for Secure Logistics


July 09, 2025 at 05:02 PM GMT+05:00

Govt waives tax, slashes duties on sugar imports



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg