By changing the consideration for the public offer component of the transaction, JS Bank has made a significant improvement and assistance for Bank Islami (Pvt) Limited (BIPL)’s minority shareholders.
The minority shareholders in BIPL now have a choice between receiving cash or a payment that complies with Shariah at a premium rate of Rs. 23 per share after the board of directors of JS Bank Limited (JSBL) modified the offer from shares to cash.
Shares of JSBL subsidiaries JS Global Capital Limited (JSGCL) and JS Investments Limited (JSIL) were previously offered to shareholders. In a down market, this decision has created a lot of excitement and anticipation. The way the deal is set up will allow each firm to operate independently under distinct management.