Mitchell’s seals Rs500m right issue

April 16, 2026 (MLN): Mitchells Fruit Farms Limited has successfully moved to complete its PKR 500 million rights issue after its board approved the allocation of the unsubscribed portion to CCL Holdings Pvt. Limited.

According to extracts of resolutions passed in an emergent board meeting held on April 16, 2026, the company had offered a total of 2.78 million right shares for PKR 180 per share, including a premium of PKR 170.

The subscription process saw a healthy uptake, with investors subscribing to 2.21 million shares, generating proceeds of approximately PKR 397.84m.

However, 567,531 shares, worth PKR 102.16m, remained unsubscribed as of the closing date on April 9, 2026.

To address the shortfall, the board, exercising its powers under Section 83 of the Companies Act, approved the offer of all remaining shares to CCL Holdings Pvt. Limited at the same price of PKR 180 per share.

With this move, the company is set to achieve full subscription of the right issue, subject to completion of the allotment process.

The board further approved the allotment of the entire 2.78m right shares to respective subscribers upon receipt of funds, and authorized the CEO, CFO, and Company Secretary to complete all regulatory filings and necessary actions to finalize the transaction.

The development ensures timely completion of the capital raise, strengthening the company’s financial position while maintaining compliance with regulatory requirements.

Copyright Mettis Link News