Amreli Steels Limited has received approval from the Securities and Exchange Commission of Pakistan (SECP) to issue 40 million ordinary shares to an existing sponsor, the company said in a material information notice submitted to the Pakistan Stock Exchange (PSX).
The shares, priced at Rs25 each including a Rs15 premium, will be issued to Mr Shayan Akberali for a total cash consideration of Rs1 billion. The issuance is being undertaken “otherwise than by way of right offer,” meaning it will not be offered to existing shareholders in proportion to their holdings.
According to the company, the funds raised through the direct issuance will be used to support the master restructuring of Amreli Steels’ debt in line with lenders’ requirements.
The SECP approval follows a special resolution passed by shareholders at the Annual General Meeting on October 28, 2025. The proposal was initially approved by the Board of Directors at its meeting on October 3, 2025.
Amreli Steels stated that it will now proceed with the required statutory filings and formalities for allotment of shares in accordance with applicable laws and PSX regulations.
The disclosure was made under Section 96 of the Securities Act, 2015, and Clause 5.6.1 of the PSX Rule Book, with the company requesting circulation of the information to all TRE certificate holders.
