Meezan Bank Limited allotted 6,541,796 ordinary shares to employees under the Employee Share Options under its Employee Share Option Scheme, the bank said in a notice to the Pakistan Stock Exchange.
The bank said the shares were credited to employees’ Central Depository Company sub-accounts on July 8. The allotment followed the completion of vesting periods under the 2022, 2023 and 2024 schemes.
Under the 2022 third tranche, Meezan Bank allotted 1,900,507 shares. It allotted 2,335,387 shares under the second tranche of the 2023 scheme and 2,305,902 shares under the first tranche of the 2024 scheme.
According to the auditor’s certificate, participating employees paid a total subscription money of Rs. 655,603,180.
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The 2022 tranche raised Rs163,001,791 at an exercise price of Rs85.767 per share. The 2023 tranche raised Rs158,273,002 at Rs67.771 per share, while the 2024 tranche raised Rs334,328,387 at Rs144.988 per share.
Meezan Bank said the shares were issued without a rights offer under Section 83A of the Companies Act, 2017.
Following the allotment, the bank’s issued, subscribed and paid-up capital increased to Rs18,070,964,480, divided into 1,807,096,448 ordinary shares of Rs10 each.
The Securities and Exchange Commission of Pakistan approved the Employee Share Option Scheme through a letter dated April 21, 2021.
