Fauji Foods Limited (PSX: FFL) has received regulatory approval for the issuance of 1.17 billion ordinary shares to Fauji Group subsidiaries.
In a stock filing, FFL said the Securities and Exchange Commission of Pakistan (SECP) has allowed it to issue 1,170,874,980 ordinary shares at a par value of Rs. 10 each, amounting to Rs. 11,708,749,800 by way of other than right offer under Section 83 (1) (b) of the Companies Act, 2017.
The disbursement of shares is as follows:
|Company||Shares Volume||at Par||Total Value|
|FFBL Power Company Limited||400,000,000||Rs. 10||Rs 4,000,000,000|
|FFC Energy Limited||465,000,000||Rs. 10||Rs 4,650,000,000|
|Fauji Foundation (FF)||235,000,000||Rs. 10||Rs 2,350,000,000|
|Fauji Fertilizer Bin Qasim Ltd (FFBL)||70,874,980||Rs. 10||Rs 708,749,800|
This issue of shares is via fresh injection of cash for FFBL Power Company Limited and FFC Energy Limited. For Fauji Foundation the issue of shares would be worth Rs. 2.35 billion from which Rs. 0.35 billion is against cash and Rs. 2 billion is against the conversion of loan.
Moreover, shares to Fauji Fertilizer Bin Qasim Limited will be issued against the conversion of markup on a loan amounting to Rs. 708,749,800.
FFL’s scrip at the bourse closed at Rs. 4.55, up 3.41 percent or Rs. 0.15 on Tuesday.