Shadab Textile utilizes 79% of Rs250m right issue proceeds

MG News | July 15, 2026 at 11:23 AM GMT+05:00

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July 15, 2026 (MLN): Shadab Textile Mills Limited (PSX: SHDT) has utilized Rs197.59m, or 79.04%, of the Rs250m net proceeds raised through its right issue as at June 30, 2026, as per the company's first quarterly progress report on utilization of right issue proceeds, covering the period from April 13, 2026 to June 30, 2026.

The right issue was completed on April 13, 2026, following approval of the allotment of right shares by the Board of Directors, raising net proceeds of Rs250m.

Subscription proceeds were released to the company by the banker and CDC on April 16, 2026 and April 22, 2026, respectively, with utilization of the proceeds commencing upon availability of funds.

Under the approved objects, Rs131.50m was allocated for purchase of plant and machinery, against which Rs79.09m, or 60.14%, was utilized during the quarter, leaving a balance of Rs52.41m.

Rs47.50m allocated for installation of a solar system was fully utilized, as was the Rs71m earmarked for working capital requirements, taking cumulative utilization to Rs197.59m against the total allocation of Rs250mn, with a balance of Rs52.41m remaining.

The company confirmed there has been no deviation or variation in the utilization of proceeds from the objects disclosed in the offer document.

Utilization Status

Approved Object	Amount Allocated (Rs. million)	Amount Utilized During the Quarter (Rs. million)	Cumulative Utilization up to June 30, 2026 (Rs. million)	Utilization (%)	Balance (Rs. million)
Purchase of Plant and Machinery	131.5	79.09	79.09	60.14	52.41
Installation of solar system	47.5	47.5	47.5	100	--
Working Capital Requirements	71	71	71	100	--
Total	250	197.59	197.59	79.04	52.41

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