KSB Pumps Approves Allotment for Unsubscribed Shares in Recent Rights Issue

Lahore: The Board of Directors of KSB Pumps Company Limited has passed resolutions during their 233rd emergent board meeting concerning the allocation of unsubscribed shares from the company’s recent rights issue. The meeting was held at their registered office and via video conference on August 26, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the company initiated a rights issue of ordinary shares on April 29, 2024, aimed at raising PKR 1,947,000,000 through the issuance of 17,700,000 shares at PKR 110 each. By the close of the subscription period on August 16, 2024, the company had successfully subscribed 13,481,434 shares, collecting PKR 1,482,957,740. However, 4,218,566 shares remained unsubscribed, leaving a balance of PKR 464,042,260.

The unsubscribed portion may now be offered to KSB SE and Co. KGaA, as the Board, leveraging discretion granted under Section 83(1)(a)(iv) of the Companies Act, 2017, has resolved. If these shares are not fully subscribed by September 5, 2024, the underwriters will be called upon to subscribe to the remaining shares. This arrangement follows the Companies (Further Issue of Shares) Regulations, 2020, and the Rules and Regulations of the Pakistan Stock Exchange Limited, which mandate the company to ensure all issued shares are paid for.

The resolutions further authorize the Chief Executive Officer, the Chief Financial Officer, and the Company Secretary to execute all necessary actions to complete the rights issue process and ensure compliance with applicable laws, including the allotment of shares and necessary disclosures and filings.

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