Mitsubishi agrees to renounce 2.2 million shares

Mitsubishi Corporation has agreed to renounce in favour of IGI Insurance Limited the 2.2 million rights shares offered by the Tri-Pack Films Limited (TPFL). "IGI Insurance Limited has agreed with Mitsubishi Corporation of Japan for the renouncement by Mitsubishi Corporation in favour of IGI Insurance Limited of letter of rights of TPFL in respect of two million rights shares of TPFL," said IGI's Company Secretary Abdul Haseeb in a stock fling Thursday.
The stocks up for subscription, the official said, were in addition to the rights shares offered by TPFL to IGI on its existing shareholding. Mitsubishi Corp would continue to hold its current shareholding in TPFL but would not subscribe the rights shares offered to it, Haseeb said.
However, he said, the Japanese firm had agreed to renounce the letters of rights in respect of such rights shares as to two million shares in favour of IGI and 0.2 million stakes in favour of Syed Hyder Ali, a director of IGI Insurance and TPFL. This acquisition is subject to grant of any applicable regulatory approval, the secretary said.