Meezan Bank increases authorized share capital by Rs4.24bn

November 18, 2021 (MLN): The shareholders of Meezan Bank Limited (MEBL), in an extraordinary general meeting held today, have passed the resolution to increase the authorized share capital of the bank from Rs28.294 billion to Rs32.538bn by the creation of 424.42mn new ordinary shares of Rs10 each, the company informed through a notice to Pakistan Stock Exchange (PSX).

The shareholders also authorized to raise Tier 2 Capital through the issuance of redeemable capital, in the form of Tier 2 Capital Sukuk up to the extent of Rs10bn inclusive of Rs3bn greenshoe option, to the general public by way of the public offering.

The same may be issued to eligible institutions and other investors by way of private placement in terms of BPRD Circular Number 08 dated June 27, 2006, as amended vide BPRD Circular Number 06 of August 15, 2013, read with all relevant rules, regulations, circulars, and approvals of State Bank of Pakistan, upon such terms and conditions as may be deemed appropriate by the authorized representatives of the bank, the notice said.

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