In a meeting held on Thursday, the Board of Directors of Meezan Bank have authorised to exercise the call option in full in relation to the Tier II Capital Sukuk Issue in the amount of PKR7 billion issued by the Bank in September.
The above resolution is subject to obtaining approval from the State Bank of Pakistan (SBP).
According to the notice issued to the Pakistan Stock Exchange (PSX), the board further authorized the raising of fresh Tier 2 Capital through the issuance of Subordinated Instrument, in the form of Tier 2 Sukuk up to the extent of PKR 10bn (inclusive of PKR 3bn greenshoe option), to the general public by way of the public offering and/or to eligible institutional and other investors by way of private placement in terms of SBP’s relevant rules, regulations, circulars, and notifications, subject to obtaining all applicable corporate and regulatory approvals and completion of necessary formalities.
