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NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

For the year ended June 30, 2020

23. AUTHORIZED SHARE CAPITAL
2020 2019 2020 2019
Number of shares in ‘000 (Rupees ‘000) (Rupees ‘000)

965,000 965,000 Ordinary shares of Rs. 10 each 9,650,000 9,650,000
35,000 35,000 Non–voting ordinary shares of Rs. 10 each 350,000 350,000
1,000,000 1,000,000 10,000,000 10,000,000

24. ISSUED, SUBSCRIBED AND PAID UP CAPITAL
2020 2019 2020 2019
Number of shares in ‘000 (Rupees ‘000) (Rupees ‘000)

130,900 130,900 Ordinary shares of Rs. 10 each
fully paid in cash 1,309,000 1,309,000
738,500 738,500 Ordinary shares of Rs. 10 each
issued as fully paid bonus shares 7,385,000 7,385,000
1,266 1,266 Non–voting ordinary shares of Rs. 10
each fully paid in cash 12,662 12,662
1,531 1,531 Non–voting ordinary shares of
Rs. 10 each issued as fully paid
bonus shares 15,313 15,313
872,197 872,197 8,721,975 8,721,975

24.1 EMPLOYEES SHARE OPTION SCHEME (ESOS)
The shareholders of the Holding company approved Interloop Limited - Employee Stock Options Scheme,
2016 (“the scheme”) for grant of options to certain eligible employees to purchase ordinary shares (non-
voting) of the Holding company, to be determined by the Compensation Committee constituted by the Board
of directors of the Holding company on 03 February 2017. The proposal for the revision in the Scheme under
the pretext of now a listed company, is under review and pending approval from the shareholders of the
Holding company and subsequently from Securities and Exchange Commission of Pakistan.

Under the existing Scheme, the options had a vesting period of one year and an exercise period of one year
from the date options were vested as laid down in the scheme. Option price was payable by the employee
on the exercise of options in full or part. The options have been lapsed on completion of one year from the
date options were vested, if not exercised.

Shares issued in response to exercise of options are Non-Voting Ordinary Shares, hereinafter called “Class
B Shares” and are not;

(i) have voting rights or right to receive notice, attend and vote at the general meeting of the Holding
company, except and otherwise provided by the Companies Act, 2017; and
(ii) be entitled for right shares (Ordinary and Voting).

Shares issues under this scheme will be converted into ordinary shares after 3 years from the date of listing
of the Holding company i.e. April 5, 2019 or after completion of 3 years from the date of issue, whichever
is later. The Holding company will not be obliged to buy back the shares. However, if the employees wishes
to sell the shares, the Holding company may buy back the shares at the lesser of the prevailing price on
the securities exchange or at the breakup value of the shares determined as per the latest audited financial
statements of the Holding company.

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