Soneri Bank to raise Tier-2 capital up to Rs4bn face value

By MG News | August 01, 2022 at 02:15 PM GMT+05:00

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August 01, 2022 (MLN): The Board of Directors of Soneri Bank Limited (SNBL) has approved raising Tier-2 Capital as redeemable capital in the form of listed, rated, subordinated and unsecured Term Finance Certificates (TFC-III) up to the extent of the face value of Rs4 billion for the purpose of the bank business operations, the company informed through a notice to exchange today.

The board approved the aforementioned redeemable capital under section 66 of the Companies Act, 2017 and Basel III guidelines of the State Bank of Pakistan (SBP).

The notice said that the issuance of redeemable capital to the general public and/or eligible institutional and other investors is subject to obtaining all applicable corporate and regulatory approvals and completion of necessary formalities.

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