According to a notification sent to PSX, Engro Polymer and Chemicals informed all stake holders that at the board meeting held March 13, 2018, the board of directors resolved that the company intends, in the near future, to carry out a rights issue of ordinary shares at a premium.
The aggregate amount of the proposed rights issue will be utilized to fund the addition of new PVC Plant of 100,000 MT & VCM Plant debottlenecking of 50,000 MT per annum. The estimated overall CAPEX is approximately Rs.7.6 Billion which is intended to be partially funded through issuance of right shares of approximately Rs. 5.4 Billion.
According to the notification, the share price, to be determined in the future, will not exceed Rs.30 per share.