JS Bank secures 483m shares of BankIslami through public offer

August 25, 2023 (MLN): JS Bank has successfully garnered applications for 483 million shares of BankIslami Pakistan Limited (PSX: BIPL), exceeding the original offer size of 276 million shares through a public offer that commenced on August 15, 2023, and concluded on August 21, 2023, as per the notification issued by the bank.

According to the bank's manager, all shareholders who tendered 500 or fewer shares were accepted, while for applications over 500 shares, a pro-rata ratio of 57.06% was applied.

The bank also said that it has returned the excess shares to the shareholders and made the payments for the accepted shares.

Payment have been made via direct transfer to the IBANs available in the eligible shareholders' list provided by the Target Company while in case of non-availability of IBANs, pay orders in the name of the respective shareholders have been dispatched on August 24, 2023, to their respective addresses provided in the Acceptance Letter.

The bank's manager also certified that the acquirer has fulfilled all the obligations related to the public offer as per the Securities Act, 2015 and the Takeover Regulations.

The bank said that it would release the security furnished by the acquirer as per the regulations.

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