RegAlert2018-11-15
Added · Updated
Companies (Further Issue of Shares) Regulations, 2018
These regulations establish conditions for companies issuing further capital through right shares, bonus shares, employee stock option schemes, and shares other than rights. They impose a one-year cooling-off period for listed companies making right issues and mandate board approvals, specific disclosures, and timely notifications to the Securities and Exchange Commission and securities exchanges. The rules define pricing limits, including restrictions on issuing shares at a premium or discount based on market price and free reserves, and require underwriting or subscription undertakings from directors in certain cases. Additionally, they set procedural requirements for bonus issues, such as retaining fifteen percent of enhanced paid-up capital as free reserves, and detail application processes for non-right share issuances.
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PART II
Statutory Notifications (S. R. O.)
GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN NOTIFICATION Islamabad, the 14th November, 2018 S.R.O. 1399 (I)/2018.- In exercise of powers conferred under section 512 read with sections 58 and 83 of the Companies Act 2017 (XIX of 2017), the Securities and Exchange Commission is pleased to notify the following regulations, the same having been previously published in the official Gazette vide Notification No. S.R.O.769(I)/2018 dated June 13, 2018, as required under proviso to sub-section (1) of the said section 512, namely:-
CHAPTER 1
PRELIMINARY
- Short Title and Commencement.- (1) These regulations shall be called Companies
(Further Issue of Shares) Regulations, 2018.
(2) They shall come into force at once.
(3) These regulations shall apply to companies issuing further capital by way of:
(i) right shares;
(ii) other than right shares;
(iii) bonus shares;
(iv) employee stock option schemes; and
(v) shares with differential rights including preference shares.
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Lineage: In force
Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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SECP published 3 documents in the last 30 days. We email you each new one the day it's published.