KESC board of directors approves issuance of 7.25% right shares

Karachi Electric Supply Company’s (KESC) Board of Director has approved to offer right shares to the shareholders in its meeting.

The entitlement of the shareholders and post book closure would be notified after the approval of Securities and Exchange Commission of Pakistan.

KESC announced to offer 7.25 percent right issue as per approval of the Board, that would be 29 ordinary right shares for every 400 ordinary shares held by the shareholders at par, which is Rs 3.50 per share.

KESC has informed the shareholders the approval of the Board to the said right issue is subject to approval of SECP and book closure, in order to determine the entitlement of the shareholders to the said issue.

From: Dailytimes