Panther Tyres Limited has applied for listing at the Pakistan Stock Exchange (PSX).
According to the notification issued by the PSX, the company has planned to issue 40 million ordinary shares at a floor price of Rs47 per share.
The company wanted to raise funds for the expansion of its operations and businesses in the local market and export segments. The total expansion cost was estimated to be Rs3.066 billion and was to be financed by a mixture of Debt and Equity in the Debt to Equity proportion of 37.5 to 62.5.
This investment of Rs3.066 billion will not only help the company to increase its production capacity but also provide an opportunity to bring-in new state of art European technology of tyre manufacturing. This technology will enable the Company to produce and sell the best quality products at competitive prices.
Panther Tyres Limited is one of the largest tyre manufacturing company of Pakistan and takes pride in being the first to introduce the local manufacturing of two, three-wheelers and industrial machinery tyres in Pakistan and currently has a stronghold in the two, three-wheeler and tractor tyre market.