Amreli Steels Limited has received approval from the Securities and Exchange Commission of Pakistan (SECP) to issue up to 40 million ordinary shares to an existing sponsor, raising Rs. 1 billion to support the company’s debt restructuring plan.
According to a notice sent to the Pakistan Stock Exchange (PSX), the shares, each with a face value of Rs. 10 and a subscription price of Rs. 25 (including a Rs. 15 premium), will be allotted to Mr. Shayan Akberali, a current sponsor of the company.
The issuance will be made directly, bypassing the usual right offer to existing shareholders.Amreli Steels Limited has received approval from the Securities and Exchange Commission of Pakistan (SECP) to issue up to 40 million ordinary shares to an existing sponsor, raising Rs. 1 billion to support the company’s debt restructuring plan.
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