karachi: FSM has successfully concluded its right share subscription process, raising a substantial 507.64 million rupees from shareholders, according to the company's latest financial disclosures. The announcement comes as FSM continues to bolster its capital in a bid to enhance its market position and operational capacity.

The subscription process saw a total of 14,504,034 right shares being allotted. According to the detailed breakdown, shareholders contributed significantly with 209.52 million rupees raised through the entitlement of right shares, which included a substantial 5,986,351 shares allocated to FSM's directors and major stakeholders. The general public showed considerable interest as well, subscribing to 3,267,740 shares, which accounted for 114.37 million rupees of the total raised amount.

Moreover, an unsubscribed portion of the rights was subsequently taken up following a Board of Directors resolution dated January 13, 2025. This portion, including 933 fractional shares, contributed an additional 183.75 million rupees, effectively filling the gap and ensuring the success of the right share issue.

With the completion of the right issue, FSM's revised paid-up capital now stands at 395.11 million rupees, a significant increase from the pre-issue figure of 250.07 million rupees. This increase reflects the addition of 14,504,034 right shares at a par value of 10 rupees each, enhancing the company's capital base to accommodate future growth and investment opportunities.

According to information available from the Pakistan Stock Exchange (PSX), all regulatory requirements concerning the allotment of shares in the name of the Central Depository Company (CDC) have been duly fulfilled by FSM. It is noteworthy that no conditions have been imposed by regulatory authorities, including the Securities and Exchange Commission of Pakistan, at this stage, which FSM was required to comply with.

The statuary auditors of FSM, Rahman Sarfaraz Rahim Iqbal Rafiq, issued a certificate verifying the authenticity of the subscription amount received, specifically for submission to the PSX and CDC. This certification underscores the due diligence and compliance observed during the right share issuance process.

In conclusion, FSM's successful right share subscription marks a pivotal step in its strategic financial planning, setting the stage for future endeavors and expansions in the competitive market landscape.