SMBL to increase Authorized Share capital by Rs62bn

MG News | November 15, 2021 at 02:07 PM GMT+05:00

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November 15, 2021 (MLN): The shareholders of Summit Bank Limited (SMBL) during the 14th Annual General Meeting (AGM) held on November 11, 2021, resolved to increase the authorized capital by Rs 62 billion.

According to the notification sent to PSX, the Authorized Capital of the Bank be and is hereby increased from Rs28bn divided into 2,800,000,000 shares of Rs10 to Rs90bn divided into 9,000,000,000 shares of Rs10 each.

The shareholders further resolved to issue 5,976,095,618 (Five Billion Nine Hundred Seventy-Six Million Ninety-Five Thousand Six Hundred Eighteen) new ordinary shares by way of without rights offer to His Excellency Nasser Abdulla Hussain Lootah (the Acquirer) and the minority shareholders at a discounted price of Rs2.51 per share for fresh equity injection in the Bank."

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