UNITY to allot 58.5mn unsubscribed shares of Right Issue to Wilmar Pakistan

MG News | February 07, 2022 at 04:22 PM GMT+05:00

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February 07, 2022 (MLN): The Board of Directors of Unity Foods Limited have decided to offer and allot 58,585,810 unsubscribed shares of the Right Issue to Wilmar Pakistan Holdings Pte Limited, the company’s filing on bourse showed today.

To recall, in November 2021, announced to raise Rs5.4 billion through a right issue of two hundred million shares at a price of Rs27 per share in order to meet the increased working capital needs of the company.

Earlier, on January 28, 2022, the board of directors decided to offer and subsequently allot over 64 million unsubscribed shares for Rs1.73 billion at Rs27 per share to Wilmar Pakistan Holding Pte Limited.

“The Board of Directors have passed a further resolution in supersession of previous resolution dated January 28, 2022, for allocation of 58,585,810 unsubscribed portion of the Right Issue in accordance with Section 83 (1) (a) (iv) of the Companies Act, 2017. The Board has decided to offer and allot 58,585,810 unsubscribed shares to Wilmar Pakistan Holdings Pte Limited,” the notice read.

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