BIPL Securities approves Scheme of Arrangement draft with AKD Securities

News Image

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 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 119,450.00
115,635.00
4270.00
3.75%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 68.77
66.50
2.18
3.27%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 11, 2025 at 10:56 PM GMT+05:00

Gold price in Pakistan rises Rs2,300 per tola


July 11, 2025 at 05:49 PM GMT+05:00

PKR gains 10 paisa per USD


July 11, 2025 at 05:41 PM GMT+05:00

PSX Closing Bell: Bulls Serenade The Bourse


July 11, 2025 at 05:06 PM GMT+05:00

UBL doubles profit to Rs65bn in 1HCY25


July 11, 2025 at 04:19 PM GMT+05:00

Ideal Spinning Mills to exit spinning business



Top 5 things to watch in this week

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