SEARLE raises Rs 4.36 billion through Rights Issue of shares

MG News | January 08, 2021 at 10:35 AM GMT+05:00

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January 8, 2021 (MLN): The Searle Company Limited has notified the exchange that it has raised Rs 4.365 billion from the shareholders against the issue size of Rs.4.69 billion through rights issue of shares.

According to the notification issued to PSX, the allocation of the unsubscribed portion of the Rights Issue which is Rs 329.56 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 along with a certificate from the External Auditors of the company confirming receipts of the entire amount of the Rights Issue, the notification said.

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