FFBL to increase paid-up capital of PKR 4.99 billion through Right Issue
MG News | October 06, 2020 at 12:20 PM GMT+05:00
October 06, 2020 (MLN): Fauji Fertilizer Bin Qasim Limited, in an announcement to Pakistan Stock Exchange (PSX), said that its board has decided to increase the paid-up share capital of the Company by the issue of a further 357,142,857 ordinary shares, having face value of PKR 10 each, as Right Shares.
The ordinary shares will be offered to the members in a proportion of 38.2335 Right Shares for every 100 ordinary shares held i.e. 38.2335%, at a price of PKR 14 per Right Share (inclusive of a premium of PKR 4 per Right Share).
It is pertinent to mention that the purpose of raising the sum of PKR 4,999,999,998 through Right Issue is to reduce current debt levels, manage working capital, and to support subsidiaries.
Considering the current market price of the Company, the premium charged over the par value is in line with the prevailing market practice (27% discount on the last three months average trading share price), the notification said.
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