Islami Bank to raise authorized capital to Tk 10,000 crore
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Islami Bank Bangladesh PLC, a banking company listed in the banking sector of the stock market, has decided to increase its authorized capital from Tk 2,000 crore to Tk 10,000 crore. The bank’s board of directors has taken the initiative to amend its Memorandum and Articles of Association to this end. However, the proposal requires approval from Bangladesh Bank and other relevant regulatory authorities as well as consent from shareholders before it can be implemented.
The decision was made at a board meeting held on Wednesday. The information was disclosed on Thursday (November 5) through the Dhaka Stock Exchange and Chittagong Stock Exchange.
According to information published by the bank, its current authorized capital stands at Tk 2,000 crore. The board of directors has proposed increasing it to Tk 10,000 crore. This means the bank’s authorized capital will increase by Tk 8,000 crore.
To implement the decision, necessary amendments will be made to the bank’s Memorandum and Articles of Association. However, the proposal must first receive clearance from Bangladesh Bank and other relevant regulatory authorities.
Additionally, an Extraordinary General Meeting (EGM) will be convened to seek shareholders’ approval for the proposal. The process of increasing the authorized capital will be completed only after obtaining shareholders’ consent at the EGM and approval from Bangladesh Bank and the Bangladesh Securities and Exchange Commission (BSEC).
