Meezan Bank Allots 6.54 Million Employee Shares

Meezan Bank Limited has allotted 6,541,796 ordinary shares to eligible employees who exercised their share options under the bank’s Employee Share Option Scheme (ESOS).

In a notification submitted to the Pakistan Stock Exchange (PSX), the bank confirmed that the allotted shares were credited to the respective Central Depository Company (CDC) sub-accounts of eligible employees on July 8, 2026.

The allotment followed the completion of multiple vesting milestones on May 31, 2026, including the first vesting period under the 2024 ESOS, the second vesting period under the 2023 ESOS, and the third vesting period under the 2022 ESOS.

Under these vesting cycles, 1,900,507 shares were allotted under the third tranche of the 2022 scheme, 2,335,387 shares under the second tranche of the 2023 scheme, and 2,305,902 shares under the first tranche of the 2024 scheme.

According to the auditor’s certificate accompanying the allotment, the bank received total subscription proceeds of Rs655.6 million from participating employees.

The third tranche of the 2022 scheme generated Rs163.0 million at an exercise price of Rs85.767 per share, while the second tranche of the 2023 scheme raised Rs158.3 million at an exercise price of Rs67.771 per share. The first tranche of the 2024 scheme generated Rs334.3 million through an exercise price of Rs144.988 per share.

The shares were issued without offering rights to existing shareholders in accordance with Section 83A of the Companies Act, 2017, which governs employee share option schemes.

Following the allotment, Meezan Bank’s issued, subscribed, and paid-up share capital increased to Rs18.07 billion, comprising 1,807,096,448 ordinary shares with a face value of Rs10 per share.

The Employee Share Option Scheme was originally approved by the Securities and Exchange Commission of Pakistan (SECP) through its approval letter dated April 21, 2021.