HBL Will Issue 117 Million Shares for Conversion of Term Finance Certificates - Android

Habib Bank Limited has been given the green signal from State Bank of Pakistan to issue up to 117 million… Read More

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Habib Bank Limited has been given the green signal from State Bank of Pakistan to issue up to 117 million shares, other than the right shares, in the equity market for the conversion of Term Finance Certificates (TCF) amounting to Rs. 15 billion.

According to the stock filing, the Securities and Exchange Commission of Pakistan (SECP) informed that the bank will maintain a sufficient cushion amount in authorized capital, which should at least be equal to the maximum cap on shares that will be issued.

The bank has and will continue to ensure that nothing in applicable law, its memorandum and articles of association, and conditions by relevant regulatory authorities, restrict the legal form and manner of the issuance of shares.

In case of a conflict regarding the terms of TFCs or conversion, the bank shall not take any decision that is contrary to the disclosures made to the shareholders, State Bank of Pakistan and SECP.

The conversion mechanism, conversion price, trigger events, sufficiency of shares to be converted, TFC holders to whom shares will be issued and all other features relevant to subject TFCs shall be governed by terms and conditions described by SBP and SECP.

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