Dhaka, Bangladesh (BBN): The Board of Directors of Mercantile Bank has decided increased the Authorized Capital of the Company, officials said on Monday.

“The company has decided to increase the Authorized Capital of the Company from Tk. 8.0 billion to Tk 12.0 billion and to change the relevant clauses of the Memorandum and Articles of Association of the Company the following issues subject to approval by the shareholders in the EGM and the Regulatory Authorities,” said a statement of the company posted on the DSE website.

The company also decided to issue Subordinated Debt (Bond) worth Tk. 3.0 billion to meet capital requirement under Basel II. Date of EGM: 28.10.2013, Time: 10:00 AM, Venue: Multipurpose Hall, Institution of Diploma Engineers, Bangladesh, 160/A, Kakrail, VIP Road, Dhaka-1000. Record Date for EGM: 25.09.2013.

BBN/BB/AD/16-Sep-13-11.30am (BST).