The board of directors of Rupali Bank has decided in principle to change the denomination of shares of the bank from Tk 100 to Tk 10 each and determine the market lot of shares from 10 to 100 shares per lot.

Necessary amendments will also be made in the Memorandum and Articles of Association of the Bank subject to approval of shareholders in the EGM and regulatory authorities.

The company will hold an extra general meeting (EGM) on November 20, 2011 at the Institute of Engineers, Bangladesh, in Dhaka. The record date for EGM has been set on October 05 this year.

Earlier on August 23, the SEC set a deadline for all listed companies to re-fix the face value of all shares at Tk 10 by December 1 this year.

The Securities and Exchange Commission (SEC) has set deadline on December 4 for trading shares in a uniform face value of Tk 10.

In this regard the SEC has issued an order to the listed companies and mutual funds whose face values were not Tk 10 to convert that to uniform value of Tk 10 each with effect from December 04, 2011 after complying all the required formalities by November 30, 2011. As per the order, shares of all listed companies and mutual funds priced higher than Tk 10 have to be converted by November 30 after completing all formalities.
News: Daily Sun/ BAngladesh/ Sep-27-2011