JS Bank approves issuance of additional TFCs of up to Rs2500 mln

MG News | November 13, 2018 at 10:33 AM GMT+05:00

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November 13, 2018 (MLN): The Board of Directors of JS Bank Limited have approved the issuance of Additional Tier 1 Capital Term Finance Certificate of up to Rs 2,500 million (inclusive of a green Shoe option of Rs 500 million) as an instrument of redeemable capital.

As per the notification issued to PSX, the funds so raised via the TFC will be utilized in business operations as permitted by Memorandum of Articles of Association of the Bank.

Moreover, the TFC will contribute towards the Bank’s Additional Tier 1 Capital for complying with the Capital Adequacy Ratio requirements prescribed by State Bank of Pakistan.

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