Commercial Bank has postponed the date fixed for holding an Extraordinary General Meeting to obtain shareholder approval for the proposed rights issue. Commercial Bank said in a stock exchange filing that it is not possible for the EGM to be held on March 30,2017, immediately after the Annual General Meeting of the Company as originally planned.
The bank further said it will not be possible to meet the requisite approvals to be obtained from the relevant authorities and the requisite period of notice to be given to the shareholders in order to convene the EGM by March 30 2017.
“Accordingly, we are compelled to postpone the said EGM,” Commercial Bank said.
“A date for the said meeting will be decided pursuant to receiving the said approvals and you will be informed of such date no sooner the same is decided.”
Commercial Bank is to raise 10 billion rupees through a rights issue of voting and non voting shares. (LBO)
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