Board of Directors of Unity Foods Limited in their meeting held on Saturday, November 13, 2021, have decided to issue approximately 20.12 Right Shares for every 100 shares held (i.e., approximately 20.12 percent), at par (i.e., PKR 10 per share) (inclusive of Premium of PKR 17 per share).
The Company shall issue 200,000,000 (Two Hundred Million) ordinary shares, at a price of PKR 27/- (Pak Rupees Twenty-Seven) per share, aggregating to PKR 5,400,000,000/- (Pak Rupees Five Billion Four Hundred Million).
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The purpose of the Right Issue is to meet the increased working capital requirements of the Company and enhance shareholders' value.
The issue is being made at a premium of PKR 17 per share to par which reflects c. 30.96 percent discount to the last 6 months volume weighted average share price. A discount to market price is also in line with current market practice.