Askari Life Asssurance raises Rs 306 million through Rights Issue of shares

MG News | November 13, 2020 at 01:17 PM GMT+05:00

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November 13, 2020 (MLN): Askari Life Assurance Company Limited has notified the exchange that it has raised Rs 306 million from the shareholders against the total issue size of Rs 400 million (36.31% right shares) through rights issue of shares.

According to the notification issued to PSX, the allocation of unsubscribed portion of the Right Issue which is Rs 93.89 million shall be decided by the Board of Directors of the company in accordance with Section 83 of the Companies Act 2017.

The decision of the Board regarding the allotment of the unsubscribed shares shall be communicated to the Exchange in due course along with a certificate from the External Auditors of the company confirming receipts of the entire amount of the Right Issue, the notification said.

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