Karachi: Bawany Air Products Limited has unveiled a significant expansion of its share capital. The Board of Directors, during their meeting at Nadir House, I.I. Chundrigar Road on August 26, 2024, resolved to issue an additional 599.99 million ordinary shares. These shares, valued at PKR 10 each, are slated as Right Shares and will be available to current shareholders in a proportion of approximately 7997.32% per 100 shares held.

According to information available from the Pakistan Stock Exchange (PSX), this move to increase the paid-up share capital by issuing shares at par is aligned with regulatory requirements and the provisions of the Companies (Further Issue of Shares) Regulations, 2020. The specific dates for the closure of the Share Transfer Books, which will determine the entitlement to the Right Shares, are yet to be announced. These dates will be disclosed following the finalization of the offer letter/document.

Included in the company's announcement are several key documents: a detailed statement regarding the Right Issue, a certified true copy of the board resolutions, and a draft copy of the notice to shareholders, which is pending publication. These documents outline the issue size, the utilization of the proceeds, potential benefits to the company and its shareholders, associated risk factors, and the rationale for issuing shares at par.

Shareholders and investors are advised to stay tuned for further communications, particularly concerning the timing of the share transfer book closure, which will be crucial for those looking to participate in the Rights Issue.