KESC receives Rs 5.466 billion against right issue of shares

The Karachi Electric Supply Company (KESC) has received a total amount of Rs 5.466 billion against right issue of shares as approved in the Company's board of directors meeting held on February 24. This was confirmed by KPMG Taseer Hadi and Company Chartered Accountants, the statutory auditors of the company saying they have verified from bank statements and books and record of KESC.
According to an information sent to Karachi Stock Exchange (KSE) on Wednesday, Rs 5.345 billion have been received from KES Power Limited and Rs 18.685 million from minority shareholders (excluding unsubscribed portion) while Rs 101.98 billion have been received from KES Power Limited for unsubscribed portion of minority right shares.
"We confirm that as per the un-audited financial statements of the Company as at and for the half year ended December 31, 20 11, the Company's paid-up capital (ordinary shares) is Rs 79,714,881,105 (seventy nine billion seven hundred fourteen million eight hundred eighty-one thousand one hundred five rupees only). This paid-up capital is net of transaction cost of Rs 203,781,782 (two hundred three million seven hundred eighty-one thousand seven hundred eighty-two rupees only) and represents 22,833,903,682 ordinary shares of Rs 3.5 each.
The above does not include the subscription mortify of Rs 5,466, 172,432 (five billion four hundred sixty-six million one hundred seventy-two thousand four hundred thirty-two rupees only) received against right issue of shares as mentioned above", the auditors said.
"We confirm that based on receipt of the subscription amounts for the right issue of shares as mentioned above, the enhanced paid-up capital of the Company will be Rs 85,127,480,438 (eighty five billion one hundred twenty-seven million four hundred and eighty thousand four hundred thirty-eight rupees only). This paid-up capital will be net of transaction cost of Rs 257,354,881 (two hundred fifty seven million three hundred fifty-four thousand eight hundred eighty-one rupees only). The above is as per the decision in the Board of Directors meeting held on February 20, whereby a 9.2 percent right share issue was approved. This would result in total of 24,395,667,234 ordinary shares of Rs 3.5 each (excluding GoP share in the current right issue). Further, we have been given to understand by the Management of the Company that the Company is in process of issuing right shares, subject to completion of necessary regulatory formalities", they added.