BankIslami Completes Acceptance Period for Shares Application, Implements Pro Rata Allocation

Karachi, BankIslami Pakistan Limited concludes the Acceptance Period that commenced on August 15, 2023, and ended on August 21, 2023, with a remarkable response. The bank received applications for a total of 483,314,726 shares, exceeding the offer size of 275,891,286 shares.

In alignment with the Securities Act, 2015, and the stipulated Public Offer procedure, BankIslami has approved all shares from applicants tendering 500 or fewer shares. For applications exceeding 500 shares, the bank adopted a meticulous approach. Initially accepting 500 shares, a pro-rata ratio of 57.06% was then applied to the remaining shares to ensure fairness and prevent rounding differences. The final allocation was rounded to the nearest whole number to eliminate fractional shares.

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