Telecard Limited has announced plans to invest up to Rs. 564.12 million in the upcoming rights issue of its subsidiary, Supernet Technologies Limited (STL), subject to shareholder approval.

According to a notice filed with the Pakistan Stock Exchange (PSX), Telecard’s Board of Directors approved resolutions on June 5 through circulation, recommending that shareholders authorize participation in Supernet’s proposed capital raising.

The company intends to invest up to Rs. 564,123,954 at a maximum price of Rs. 10 per share under the rights issue, pending regulatory and corporate approvals.

The investment will require approval from shareholders under Section 199 of the Companies Act, 2017. Telecard has authorized its management to proceed with necessary formalities, including convening an Extraordinary General Meeting (EOGM) to seek consent.

Supernet Technologies had earlier informed the market on June 1 that it was considering launching a rights issue. Telecard’s planned participation would allow it to subscribe to its entitled portion in the offering.

The company stated that further details regarding the EOGM and related resolutions will be communicated to shareholders in due course, in line with requirements of the Securities Act, 2015 and PSX regulations.