Lahore: Mughal Iron & Steel Industries Limited has announced amendments to its rights issue of Ordinary Class-C shares, following a directive from the Securities & Exchange Commission of Pakistan (SECP). The changes, detailed in a letter dated February 19, 2025, alter both the size of the issue and the rights associated with the shares.

According to the revised terms, the company will issue a 9.85% right issue of Ordinary Class-C shares at an issue price of Rs. 45.00 per share. This price includes a premium of Rs. 35.00 per share. Shareholders will receive approximately 9.85 right shares for every 100 ordinary shares they hold. The total revised size of the right issue now stands at Rs. 1.49 billion, divided into 33,062,447 Ordinary Class-C shares, each valued at Rs. 10.00 but offered at Rs. 45.00.

The revised rights and privileges associated with the Ordinary Class-C shares include five voting rights per share at any general meeting. Additionally, these shares will be entitled to dividends, bonuses, or additional rights shares as declared by the company. The shares will also participate in surplus assets in the event of company liquidation. It is noteworthy that these shares are non-convertible into ordinary shares.

According to information available from the Pakistan Stock Exchange (PSX), after the completion of the right issue, Mughal Iron & Steel Industries Limited will seek to list the Class-C shares on the exchange. The final amended offer letter will be submitted to both the exchange and the SECP in due course. This announcement marks a significant step for the company in its efforts to enhance shareholder value and expand its market presence in the designated market category.