Mughal Iron and Steel Industries Limited (MISL), in a notice sent to the Pakistan Stock Exchange (PSX), has declared a 100pc right offer at par value of Rs 10/share raising the total equity to Rs 1.26b. The company is planning to invest in Balancing, Modernization and Replacement (BMR) of existing bar re-rolling mill and procurement of 6 gas-fired generators (3.1MW each) at a total estimated cost of Rs1.75b.
The company management plans to enhance its re-bar capacity from the existing 150,000 tonnes to approximately 350,000 tonnes. The company expects that the efficiency of the bar re-rolling process will improve resulting in reduced manufacturing costs and improved margins.
Mughal Steel stock closed at Rs 143.27 registering an increase of Rs 6.82 (4.76pc) on Wednesday.
With a history of over 50 years, Mughal Iron & Steel Industries Limited (MISL) is one of the leading iron and steel manufacturing companies in the country. The company is involved in a range of manufacturing operations including manufacturing of billets of Mild Steel, Spring Steel, Deformed bar, Re-bar, Cold Twisted Rebar and a huge range of Sections such as I.Beams, L.Sections, C.Section, H.Beam, T.Bar etc. in the downstream industry.
