Karachi October 26,2021: Meezan Bank Limited seeks approval of increase in its authorized capital by PKR4.24 billion to PKR32.538 billion and issuance of PKR 10 billion Sukuk in Extraordinary General Meeting held on November 17, 2021.
Company will consider and if thought fit, pass the following special resolution, with or without modification, to increase the authorized share capital of the Bank from PKR 28,294,400,000/- to PKR 32,538,600,000/- by creation of 424,420,000 new ordinary shares of PKR 10/- each.
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Meezan Bank management will also seek approval to raise Tier 2 Capital through issuance of redeemable capital, in accordance with section 66 of the Companies Act, 2017, in the form of Tier 2 Capital Sukuk up to the extent of PKR 10,000,000,000/- (Pak Rupees Ten Billion) inclusive of PKR 3,000,000,000/- (Pak Rupees Three Billion) green shoe option (the “Sukuk Issue”), to the general public by way of public offering and/or to eligible institutional 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 (as amended from time time), read with all relevant rules, regulations, circulars and approvals of State Bank of Pakistan (“SBP”), upon such terms and conditions as may be deemed appropriate by the authorized representatives of the Bank.
