Subscription of 9.5 million ordinary shares of the Lalpir Power Limited (oil-fired steam turbine) at Rs 22.00 will commence from July 3 (today) and will continue till July 4, (tomorrow). The Lalpir Power Limited's management announced this at the Lahore Stock Exchange on Tuesday. Chief Executive Officer Lalpir Power Limited Hasan Mansha announced the quarterly revenue of Rs 800 million during the first quarter of the year 2013.
He said that Lalpir Power Limited is offering 37.98 million shares to the general public out of its existing shareholding at a price of Rs 22 (inclusive of Rs 12 premium) per share. He said that public subscription will commence on July 3, and would remain open till July 4, 2013 through the company's associated banks across the country. He also apprised the participants of the business segments of the company.
While responding to one of the participant's query, he said that the power project set up by the company has a gross generation capacity of 362MW with a net generation dependable capacity of 350MW. It is a residual furnace oil based project. The plant was operated at a capacity of 55 percent during the year 2012.
During presentation, it was revealed that company received total bids for 75 percent shares (28.5 million) through Dutch Auction Method in book building at a price of Rs 22.00, while 9.5 million ordinary shares would be issued to the general public at a price of Rs 22 that is 5 percent of the paid-up capital.
Lalpir Power Limited (formerly AES Lalpir Private Limited), located in Muzaffargarh District was acquired by a consortium of Nishat Mills Limited, Adamjee Insurance, Security General Insurance Company, Mian Hasan Mansha, Engen Pvt Limited and Stanhope Investments. The company has a strong dividend payout history with an average dividend payout of 105 percent over the period of FY 08 to FY 12.
Speaking on the occasion, Rana Naveed, Company Secretary, LSE said that LSE has been striving to promote investment through the stock exchanges. He added, LSE is proactively encouraging the unlisted companies to get listed on the stock exchange under the capital raising programme. He assured LSE's full support in making this offer a success to the investors and to the company. He expressed with the listing of new companies on the Exchange, the trading activity would also increase that would subsequently facilitate the primary market.