Stylers International Limited Confirms Full Receipt of Rights Shares Subscription Funds

Karachi: Stylers International Limited has successfully received the full subscription amount for its recently issued right shares, according to documentation provided by the company. On July 5, 2024, Stylers International secured a total of 2,329,005,355 PKR for 53,540,353 rights shares, each priced at 43.50 PKR with a face value of 10 PKR. The company has requested the issuance of a No Objection Certificate from the Pakistan Stock Exchange (PSX) to enable the release of these funds to the designated parties involved in the transaction.

According to information available from the Pakistan Stock Exchange (PSX), the full amount was confirmed through an auditor’s certificate attached to the request. The funds were primarily raised from the directors and substantial shareholders of Stylers International, who subscribed to 52,964,358 shares amounting to 2,303,949,578 PKR. The general public contributed to the remainder by subscribing to 173,483 shares, raising 7,546,511 PKR. Additionally, 402,512 unsubscribed shares were allocated as detailed in the company’s report.

The completion of this rights issue will adjust the company’s issued, subscribed, and paid-up share capital from 435,287,420 shares valued at 4,352,874,200 PKR to a new total of 488,827,773 shares worth 4,888,277,730 PKR. This financial maneuver is part of Stylers International’s ongoing formalities for the issue and allotment of shares. The company awaits further processing and the final issuance of the No Objection Certificate by the PSX, which will facilitate the next steps in this capital adjustment process.

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