The board of BankIslami Pakistan Ltd. approved an increase in the ordinary paid up share capital of the bank to nearly 11.09 billion rupees from roughly 10.08 billion rupees in order to meet State Bank of Pakistan's requirements.
The lender will issue 100,791,209 ordinary shares at 10 rupees per share to existing shareholders in proportion to the number of shares they hold, with the ratio set at approximately 10 right shares for every 100 existing ordinary shares, according to a Sept. 6 filing.
BankIslami's share transfer books will remain closed from Sept. 27 through Oct. 3 to determine shareholders entitlements. Share transfers are scheduled to be submitted at the bank's registrar on Sept. 26.
As of Sept. 6, US$1 was equivalent to 156.63 Pakistani rupees.
