Supernet Technologies Limited (PSX: STL) has approved, in principle, a proposal to raise up to Rs. 914.76 million through a rights issue of ordinary shares, according to a notice submitted to the Pakistan Stock Exchange (PSX).
The decision was taken at a board meeting held on June 1, 2026, at the company’s registered office in Karachi.
The proposed rights issue remains subject to final board approval and completion of all regulatory requirements.
The company stated that the shares may be issued at a price not exceeding Rs. 10 per share, with the final pricing to be determined at the time of issuance.
Supernet said the proceeds are intended primarily to support working capital requirements for upcoming projects. These projects are expected to contribute to operational stability and future business activities.
A portion of the funds may also be used to partially finance payments under a Share Purchase Agreement signed with Telecard Limited on February 15, 2024, relating to the acquisition of a 51 percent stake in Supernet Limited. Any additional use of proceeds will be subject to board approval.
The company added that the in-principle approval will enable shareholders and related parties to complete necessary corporate and regulatory steps required for participation in the capital raising.
A rights issue allows listed companies to raise capital by offering new shares to existing shareholders in proportion to their holdings. The timing, size, and final terms of the issue will be announced separately upon approval.
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