Lahore: The Bank of Punjab's Extraordinary General Meeting (EOGM) on September 8, 2026, passed a significant resolution approving an equity injection by the Government of the Punjab (GoPb) amounting to PKR 30.0 billion. This action marks a pivotal development for the bank, with the funds set to be facilitated through the issuance of ordinary shares in phases, subject to necessary statutory, corporate, and regulatory approvals.
According to the resolution, the issuance will follow a structured pricing mechanism, setting the price per ordinary share at PKR 38.20, or, should the market price exceed this figure at issuance, at the prevailing market price plus a 5% premium. The initial equity contribution from the GoPb is capped at PKR 10.0 billion, pending the completion of requisite approvals.
The meeting further authorized applications to the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, and the Pakistan Stock Exchange Limited for necessary permissions. Issuance of shares worth PKR 15.0-20.0 billion is slated for completion by December 31, 2026, with the remaining PKR 10.0-15.0 billion expected to be finalized by June 30, 2027.
According to information available from the Pakistan Stock Exchange (PSX), this planned capital infusion is a strategic move to bolster the bank's financial framework, aligning with market regulatory frameworks. The designated market category for this transaction is the financial sector.
Additionally, the EOGM approved an amendment to the board remuneration policy, raising the remuneration for directors, including the Chairman, to Rs. 395,000, net of taxes, per meeting. This decision also resulted in amendments to the remuneration policy clauses to reflect the updated compensation structure.
The resolutions empower the bank's President, CEO, CFO, and Company Secretary to undertake all necessary actions to execute and implement the outlined plans, ensuring compliance with applicable regulations and maintaining transparency through required disclosures to the Pakistan Stock Exchange and related authorities.