Supernet Technologies Limited has approved an in-principle proposal to raise up to Rs. 914.76 million through a rights issue of ordinary shares, according to a notice filed with the Pakistan Stock Exchange (PSX).

The decision was taken in a board meeting held on June 1, 2026, at the company’s registered office in Karachi. The proposed transaction remains subject to final approval and required regulatory clearances.

The company indicated that the issue price will not exceed Rs. 10 per share, while the final price will be determined at the time of execution.

Proceeds from the rights issue are expected to be used mainly to meet working capital requirements for upcoming projects. The company said these projects are aimed at supporting operational activity and future expansion plans.

Part of the funds may also be used to partially settle obligations under a Share Purchase Agreement signed with Telecard Limited on February 15, 2024, related to the acquisition of a 51% stake in Supernet Limited. Any additional allocation of proceeds will require board approval.

The company stated that the in-principle approval enables shareholders and related parties to complete the necessary corporate and regulatory processes for participation in the proposed issue.

A rights issue allows listed companies to raise capital by offering new shares to existing shareholders in proportion to their current holdings. Final terms, timing, and size will be announced after formal approval.