Apna Microfinance Bank Limited has secured regulatory approval to raise Rs. 1.16 billion through the issuance of 116.06 million ordinary shares against share deposit money.
In a notice submitted to the Pakistan Stock Exchange (PSX), the bank said the Securities and Exchange Commission of Pakistan (SECP) approved the issuance of 116.055 million ordinary shares at a face value of Rs. 10 per share through an other-than-right offer.
Under the approved allotment, United Track Systems (Private) Limited will receive the largest allocation of 43.33 million shares, followed by United Software and Technologies International (Private) Limited with 29.71 million shares, Tawasal Risk Management Services (Private) Limited with 20.75 million shares, Tawasal Healthcare TPA (Private) Limited with 17.34 million shares, and Muhammad Akram Shahid with 4.93 million shares.
The SECP has directed the bank to issue the shares in book-entry form within 60 days of the approval and notify both the regulator and the PSX within seven days after the allotment.
Shares allotted to sponsors and associated companies must remain locked for two years, while holdings of other investors will be subject to a six-month lock-in period.
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