Amreli Steels Limited has received approval from the Securities and Exchange Commission of Pakistan (SECP) to issue up to 40 million ordinary shares to an existing sponsor, raising Rs. 1 billion to support the company’s debt restructuring plan.
According to a notice sent to the Pakistan Stock Exchange (PSX), the shares, each with a face value of Rs. 10 and a subscription price of Rs. 25 (including a Rs. 15 premium), will be allotted to Mr. Shayan Akberali, a current sponsor of the company.
The issuance will be made directly, bypassing the usual right offer to existing shareholders.
The proceeds from this direct issuance will be used to facilitate the master restructuring of Amreli Steels’ debt, in line with requirements set by the company’s lenders.
The SECP’s approval follows a special resolution passed by shareholders at the company’s Annual General Meeting on October 28, 2025, and a proposal by the Board of Directors earlier in October.
Amreli Steels will now move forward with the necessary statutory filings and formalities for the share allotment.