Panther Tyres Ltd (PSX: PTL) has spent Rs. 1.986 billion for expansion, development and working capital requirements, the company’s final progress report revealed on Thursday.
The Company carried out an IPO in February 2021 to partially finance its major expansion project. A sum of Rs. 1.41 billion was allocated to this expansion from IPO proceeds.
The Company had raised Rs. 1.97 billion through the issuance of 30 million ordinary shares at a strike price of Rs. 65.80 per share.
The amount was raised as per details below:
| Description | Amount (PKR) |
| Issuance of 30,000,000 ordinary shares at strike price of Rs. 65.8 per share | 1,974,000,000 |
| Less: IPO expenses | (99,566,342) |
| Net IPO proceeds | 1,874,433,658 |
| Less: Funds Utilized to pay off working capital loan | (464,433,658) |
| Net Funds available for expansion | 1,410,000,000 |
The expansion project as of December 2023 utilized Rs. 1.986 billion funds as shown below:
| Description | Funds Required (PKR) | Allocation % | Actual Expenditures as on 31 December 2023 (PKR) |
| Freehold Land & Development Expenses | 100,000,000 | 7.1% | 101,021,403 |
| Building and Civil Works | – | – | – |
| Building for Tube Department | 60,400,000 | 4.3% | 60,810,689 |
| Building for Calendar Department | 166,780,230 | 11.8% | 163,095,182 |
| Building for Mixing Department | 167,880,000 | 11.9% | 369,216,985 |
| Plant and Machinery | – | – | – |
| 4 Roll Calendar Line Comerio Italy | 586,310,100 | 41.6% | 770,263,898 |
| Banbury Tangential Mixer | 328,629,670 | 23.3% | 521,593,400 |
| Total | 1,410,000,000 | 100% | 1,986,001,557 |
The Company is principally engaged in the manufacture and sale of tyres and tubes for vehicles.
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