Meezan Bank allots 6.54 million shares under employee option scheme
Employees pay Rs655.6 million for three tranches as bank’s paid-up capital rises to Rs18.07 billion
Meezan Bank Limited has allotted 6,541,796 ordinary shares to eligible employees who exercised options under the bank’s Employee Share Option Scheme.
In a notice to the Pakistan Stock Exchange, the bank said the shares were credited to the respective Central Depository Company sub-accounts of eligible employees on July 8.
The allotment followed completion on May 31, 2026, of the first vesting period for the 2024 scheme, the second vesting period for the 2023 scheme and the third vesting period for the 2022 scheme.
Under the 2022 third tranche, 1,900,507 shares were allotted. Employees received another 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, Meezan Bank received total subscription money of Rs. 655,603,180 from participating employees.
The 2022 tranche generated Rs163,001,791 at an exercise price of Rs85.767 per share, while the 2023 tranche raised Rs158,273,002 at Rs67.771 per share. The 2024 tranche generated Rs334,328,387 at an exercise price of Rs144.988 per share.
The shares were issued without a rights offer under Section 83A of the Companies Act, 2017.
Following the allotment, Meezan 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 Employee Share Option Scheme was approved by the Securities and Exchange Commission of Pakistan through a letter dated April 21, 2021.
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