Karachi December 15 2021: Bankers to the Right Issue of Fauji Foods Limited have reported that receipt of subscription amount of PKR 7,110,117,730, 91.06 percent, as of the last date of payment i.e. December 08, 2021 against the issue size of PKR 7,807,945,960.
An amount of PKR 697,828,230, which is 8.94 percent, remained unsubscribed.
The almost doubling of the company’s paid-up capital through the rights issue is aimed at reducing the “current debt levels” besides managing and optimising working capital, according to the earlier securities filing on the Pakistan Stock Exchange.
The unsubscribed portion of right shares shall be allotted by the Board of Directors of the Company in accordance with section 83(1)(a)(iv) of the Companies Act, 2017. The decision of the Board regarding allotment of unsubscribed shares shall be communicated in due course by the company.