Karachi, JS Bank Limited, a prominent name in the banking sector, has formally announced the approval of a significant offer placement and the allocation of unsubscribed shares in accordance with the Securities Act, 2015, and PSX Regulations.

The offer made by Jahangir Siddiqui & Co. Limited (JSCL), as conveyed through a letter dated August 07, 2023, has received the green light from the JS Bank's Board of Directors in their meeting held today. As per the resolution, 54,715,645 Ordinary Shares of the bank, which were initially offered to the public shareholders via rights issuance at a price of PKR 10/- per share, remained unsubscribed.

In compliance with the Companies Act, 2017, and applicable regulations, the unsubscribed shares will now be offered to JSCL under the same terms and conditions, along with the price at which they were presented to existing public shareholders. To facilitate this process, a call-up or subscription notice will be promptly issued to JSCL. The notice requests JSCL to deposit the subscription price amounting to PKR 547,156,450/- for the 54,715,645 unsubscribed Right Shares into a designated subscription account maintained by the bank's appointed banker. This deposit is expected to be completed by the close of business on August 11, 2023.

Should JSCL fail to fulfill the subscription payment for the unsubscribed Right Shares within the stipulated timeframe, JS Bank retains the option to issue call-up notices to the underwriters, Next Capital Limited and Adam Securities Limited. These underwriters will be requested to deposit the subscription price in accordance with their respective commitments and entitlements within the specified timeframe.

Upon successful receipt of the subscription amount from JSCL or the underwriters, as applicable, for the previously unsubscribed Right Shares, a total of 220,568,925 ordinary shares will be allocated and issued to all respective subscribers. This allocation will be carried out in accordance with their individual entitlements, adhering to the timeline approved by the Pakistan Stock Exchange.

The strategic move underscores JS Bank's commitment to efficient capital management and its adherence to regulatory protocols, enhancing transparency and equity within the market.