Security and Exchange Commission of Pakistan (SECP) has relaxed the condition for issuing right shares twice in a year and allowed KESC to issue 1.54 billion ordinary or 7.80 percent right shares at Rs 3.5 per share.
According to a communiqué to KSE here Monday, Karachi Electric Supply Company (KESC) said that SECP has allowed its request to make another right issue in one year without making underwriting arrangement and extension in time to notify book closure. KESC said that its share transfer books will be closed from November 15, to 28, 2010, to determine shareholders entitlement to the right shares.