Ismail Industries to issue Right shares to reduce long-term liabilities

MG News | January 22, 2020 at 02:37 PM GMT+05:00

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January 22, 2020 (MLN): The Board of Directors of Ismail Industries Limited in their meeting held today i.e. January 22, 2020 has approved to issue 4% Right Shares in proportion of approximately 4 Right Shares for every 100 ordinary shares held by the existing ordinary shareholders of the Company.

As per the company’s notification, the Right Share will be offered at a price of Rs 360 including premium of Rs 350 per share. The issue size is 2,552,190 shares which shall rank pari passu with the existing shares in all respect.

Furthermore, the purpose of right issue of shares is to reduce the long-term liabilities and improve the equity base.

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