Karachi August 13 2021: The Board of Directors of Meezan Bank Limited has decided to raise PKR 10 billion to create buffer for meeting Tier II Capital requirement, as per information shared with investors by the Bank.
The Board of Directors of Meezan Bank Limited, in their meeting held on August 12, 2021 have resolved that, subject to obtaining approval from the State Bank of Pakistan, the Bank be and is hereby authorized to exercise the call option in full in relation to the Tier II Capital Sukuk Issue in the amount of PKR 7,000,000,000 (Pak Rupees Seven Billion) issued by the Bank on September 22, 2016.
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Board of Directors have further authorized the raising of fresh Tier 2 Capital through issuance of Subordinated Instrument, in the form of Tier 2 Sukuk up to the extent of PKR 10,000,000,000 (Pak Rupees Ten Billion), 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 State Bank of Pakistan's relevant rules, regulations, circulars and notifications, subject to obtaining all applicable corporate and regulatory approvals and completion of necessary formalities.
This also include PKR 3,000,000,000 or Pak Rupees Three Billion green shoe option.