Flying Cement to issue 300mn shares

MG News | January 19, 2022 at 10:03 AM GMT+05:00

0:00

January 19, 2022 (MLN): The Board of Directors of Flying Cement Company Limited have decided to increase the paid-up share capital of the company by issuing a further 300 million ordinary shares, having a value of Rs10 each, the company’s filing on bourse showed today.

The quantum of the right issue is approximately 75.9878% of the existing paid-up capital of the company i.e., approximately 75.9878 right shares for every 100 ordinary shares held by the shareholders of the company.

The purpose of the right issue is to raise funds to enable the company to reduce current debt levels and favourably improve its capital structure by reducing leverage in an increasing interest rate environment, meet growing working capital requirements and achieve economies of scale, pay for capital expenditure towards completion of the Line-2 plant of 7,700 TPD of clinker and consequentially, improve the company’s profitability and financial ratios which are expected to maximize shareholder return, the company said.

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