Lahore: Mughal Iron & Steel Industries Limited announced that its 9.85% Class-C Right Issue has been successfully subscribed to 71.98%, securing a substantial portion of the intended capital. The Class-C Right Issue, which aimed to raise Rs. 1.49 billion, saw participation amounting to Rs. 1.07 billion by the deadline of April 11, 2025.

The company, listed under the designated market category of the Pakistan Stock Exchange (PSX), had partnered with Faysal Bank Limited and the Central Depository Company of Pakistan Limited to manage the subscription process. According to information available from the Pakistan Stock Exchange (PSX), the right issue was subscribed with a total sum of Rs. 1,070,865,810, leaving an unsubscribed balance of Rs. 416,944,305.

In line with section 83(1)(a)(iv) of the Companies Act, 2017, the Board of Directors authorized the offering of the unsubscribed portion to specific individuals. The additional shares were allocated to Mirza Javed Iqbal, Khurram Javaid, Jamshed Iqbal, and Samina Jamshed, with respective investments of Rs. 98.91 million, Rs. 112.87 million, Rs. 103.50 million, and Rs. 101.66 million.

The company indicated that an auditor's certificate confirming the receipt of the right issue will be submitted to the exchange in due course. The exchange's TRE certificate holders are expected to be informed of these developments accordingly.