Karachi: Faran Sugar Mills Limited has officially requested the issuance of a No Objection Certificate (NOC) for the release of the subscription money obtained through its rights shares offering. In a communication addressed to the Pakistan Stock Exchange, the company confirmed that a total of 14.50 million rights shares had been fully subscribed, as stated in their letter no. PSX/C-517-1180 dated August 28, 2024.

The company has attached an auditor's certificate verifying the receipt of the full subscription money amounting to PKR 507.64 million. This substantial amount marks a significant financial endorsement from investors, reflecting confidence in Faran Sugar Mills Limited's market position and future prospects.

According to information available from the Pakistan Stock Exchange (PSX), the completion of the rights shares subscription process signifies a notable achievement for Faran Sugar Mills Limited, enabling it to strengthen its capital base and pursue potential growth opportunities. The company now seeks the PSX's approval to facilitate the release of the subscription amount to the Bankers to the Issue and the Central Depository Company of Pakistan Limited.

The issuance of the NOC will allow Faran Sugar Mills Limited to proceed with its financial strategies, aligning with its objectives in the designated market category. The company's proactive approach in securing the NOC underscores its commitment to compliance and transparency in financial dealings.