Reliance Insurance Co. Ltd Calls for Emergent Board Meeting to Propose Increase in Authorized Share Capital

Karachi, In an emergent board meeting held on June 3, 2023, the Board of Directors of Reliance Insurance Co. Ltd put forth several recommendations, aiming to bolster the company’s financial standing and capitalize on potential growth opportunities. The proposals include an increase in the Authorized Share Capital, the scheduling of an Extraordinary General Meeting (EOGM), and a temporary closure of share transfer books.

The first recommendation involves an augmentation of the company’s Authorized Share Capital from Rs.750, 000,000 to Rs.1, 000,000,000. This proposed increase would be achieved through the creation of 25,000,000 new ordinary shares, each valued at Rs.10/-. To implement this change, alterations to the Memorandum and Articles of Association of the Company would be necessary, subject to the approval of the Members.

To address these proposals and obtain necessary approvals, an EOGM has been scheduled for June 26, 2023, commencing at 12:00 noon. During this meeting, the members will deliberate and decide upon the aforementioned recommendations, providing the opportunity to voice their opinions and influence the future direction of the company.

To facilitate the necessary administrative arrangements, the share transfer books of Reliance Insurance Co. Ltd will remain closed from June 20, 2023, to June 26, 2023, inclusive. This temporary closure ensures that all share transfer activities are put on hold during this period.