Karachi: KSB Pumps Company Limited has reported the status of its recent Right Shares issue. The subscription process, which closed on August 16, 2024, garnered a total amount of PKR 1,482.96 million, against the intended PKR 1,947.00 million.

According to information available from the Pakistan Stock Exchange (PSX), the Right Shares issue of KSB Pumps aimed to raise PKR 1,947.00 million. By the close of the subscription period, the company had received PKR 1,482.96 million, marking a 76.17% subscription rate. The remaining 23.83%, amounting to PKR 464.04 million, remained unsubscribed.

The unsubscribed shares are set to be offered and allotted by the Board of Directors of KSB Pumps in accordance with Section 83 (1) (a) (iv) of the Companies Act, 2017. The company has outlined that the allotment decision and the corresponding Auditors Certificate, which will confirm the receipt of the Right Issue, will be communicated to the Exchange and its TREC Holders shortly.

This financial maneuver forms part of the broader strategic initiatives by KSB Pumps to enhance capital and support its expansion activities. As per the Exchange's guidelines, the Board’s decisions on the allotment of unsubscribed shares will follow the stipulated regulatory framework, ensuring compliance and transparency in the allocation process.