Popular Islamic Modaraba to expand authorized funds by Rs60m

MG News | June 24, 2024 at 11:23 AM GMT+05:00

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June 24, 2024 (MLN): The Board of Directors (BoD) of Popular Islamic Modaraba (PSX: PIM) has decided to raise the Authorized Funds of Modaraba from Rs140 million to Rs200m, the Islamic institution informed market participants through a notice to PSX.

In this regard, a formal application and the prescribed fee will be submitted to the Registrar Modaraba-SEP for his approval.

Moreover, in compliance with SECP's letter, the Management Company will also inject Rs100m in Modaraba out of which Rs40m has already been injected and converted into equity as "Other than Right Certificates".

The Management has also provided the remaining amount of Rs60m as a loan, which will be converted into equity through Other than Right Certificates. Thereafter, the requirement of injection of Rs100m will be completed.

Accordingly, the Certificates of Rs60m i.e. 6m Certificates at par value of Rs10 per Certificate will be issued to the management company against the Loan of Rs60m as "Other than Right Certificates", subject to the approval of Registrar Modaraba MCP.

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