Karachi: Amreli Steels Limited has announced a special business resolution to authorize the issuance of up to 40 million new ordinary shares, constituting approximately 13.47% of its existing paid-up capital. The decision is part of a planned agenda for the Annual General Meeting scheduled for October 28, 2025, at the Institute of Chartered Accountants of Pakistan in Karachi.
The proposed issuance, if approved, will be executed at a price of PKR 25 per share, with a face value of PKR 10 each. This issuance plan aims to raise up to PKR 1 billion, with the new shares to be subscribed by Mr. Shayan Akberali, an existing sponsor of the company. The initiative has been structured under the provisions of Sections 83(1)(b) of the Companies Act, 2017, and the Companies (Further Issue of Shares) Regulations, 2020.
The resolution underscores the company’s intent to proceed with the issuance, contingent upon compliance with relevant legal frameworks and the acquisition of necessary approvals from the Securities and Exchange Commission of Pakistan (SECP). According to information available from the Pakistan Stock Exchange (PSX), the issuance will be conducted other than by way of rights, specifically for cash consideration.
In preparation for the issuance, the company is also authorized to pursue an advance against equity from Mr. Akberali. The designated representatives of the company, including the CEO, CFO, and the Company Secretary, have been empowered to manage all necessary documentation and regulatory requirements associated with the process.
The resolutions will be subject to modification as required by regulatory bodies, ensuring compliance without necessitating fresh shareholder votes. Shareholders are encouraged to submit their postal ballots by October 27, 2025, to participate in the decision-making process.