Telecard Limited to invest Rs400m in Hallmark's rights issue

MG News | June 06, 2024 at 03:19 PM GMT+05:00

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June 06, 2024 (MLN): The Board of Directors (BoD) of Telecard Limited (PSX: TELE) have resolved to invest up to an aggregate amount of Rs400 million in the potential right issue intended to be carried out by the company's subsidiary, Hallmark Company Limited (PSX: HCL) in the near future.

TELE would subscribe to ordinary shares of Hallmark during the potential right issue process (as and when approved and announced by the board of directors of Hallmark) at a face value of Rs10 per ordinary share of Hallmark.

This investment is subject to obtaining the necessary approval of the company's shareholders.

"The Board has resolved to recommend this investment in Hallmark to the shareholders of Telecard," a notice issued by TELE to PSX reads.

This includes subscribing to any additional ordinary shares that may remain unsubscribed during the rights issue process and issuing the requisite undertaking to subscribe to its entitlement under the provisions of the Companies (Further Issue of Shares) Regulations, 2020.

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