City Bank PLC has proposed raising its authorised capital by Tk1,000 crore to support future growth, subject to shareholder approval and regulatory clearance.
The bank’s Board of Directors approved increasing the authorised capital to Tk3,000 crore from the existing Tk2,000 crore at its meeting on 13 August, according to a price-sensitive disclosure submitted to the stock exchanges.
Under the proposal, the authorised capital will be increased by raising the number of ordinary shares to 300 crore from the existing 200 crore, with each share having a face value of Tk10.
The proposal requires approval from shareholders through an Extraordinary General Meeting (EGM), along with necessary approvals from Bangladesh Bank and other relevant regulatory authorities.
The board also approved increasing the maximum number of directors, excluding independent directors, to 10 from the existing eight.
To implement the changes, the bank will seek shareholder approval for amendments to its Memorandum of Association and Articles of Association.
City Bank has scheduled the EGM for 4 October at 3pm through a digital platform. The record date for shareholder eligibility has been set for 6 September.
