WAVES Home Appliances Limited (PSX: WAVESAPP) has approved a 56 percent rights issue to raise approximately Rs. 1.5 billion by issuing new shares to its existing shareholders.
According to the company’s notice to the Pakistan Stock Exchange (PSX), the board of directors has approved the issuance of 150,015,772 ordinary right shares with a face value of Rs. 10 per share, to be offered at par.
Under the approved ratio, shareholders will be entitled to 56 right shares for every 100 ordinary shares held on the entitlement date. Following the issue, the company’s paid-up share capital will increase from 267.89 million shares to 417.90 million shares.
The company said the proceeds will be used for purposes outlined in the forthcoming Letter of Rights, which will also include the subscription timetable, book closure dates, and other terms of the offer after completion of regulatory requirements.
Rights Issue Summary
| Item | Details |
|---|---|
| Rights issue size | 150,015,772 shares |
| Offer ratio | 56 shares for every 100 shares held |
| Issue price | Rs. 10 per share |
| Total amount to be raised | Around Rs. 1.5 billion |
| Existing shares | 267.89 million |
| Shares after issue | 417.90 million |
