KARACHI: The board of directors of Summit Bank Limited has approved increase in the authorized capital of the bank, ie, from Rs 28 billion to Rs 90 billion subject to the approval of the regulatory authorities and the shareholders.

According to disclosure of material information sent to Pakistan Stock Exchange on Monday, the board of directors of the bank gave this approval in its meeting here on October 8, 2021.

The board has further approved the issue of 5,976,095,618 new ordinary shares by way of without rights offer at a discounted price of Rs 2.51 per share to Nasser Abdulla Hussain Lootha (the acquirer) and the minority shareholders subject to the approval of the regulatory authorities and the shareholders of the bank.

Copyright Business Recorder, 2021