Supernet plans potential right issue of up to ₨914.8 million

Supernet Technologies Limited informed the Pakistan Stock Exchange (PSX) on Monday that its board has approved plans to undertake a potential right issue of ordinary shares, with the proposed fundraising amount of up to ₨914.77 million.

According to a notice submitted to the exchange, the decision was taken during a board meeting held at the company's registered office in Karachi on June 1, 2026.

The company said the aggregate size of the potential right issue may be up to ₨914,765,538, subject to final approval by the board at the relevant time.

Supernet stated that the shares, if issued, would be offered at a price not exceeding ₨10 per share, with the final price to be determined by the board.

The company said the funds raised would primarily be used to support working capital requirements for upcoming projects, which it expects to strengthen operational performance and growth prospects.

Part of the proceeds may also be used to fund payments due to Telecard Limited under the Share Purchase Agreement signed on February 15, 2024 for the acquisition of a 51% stake in Supernet Limited.

The company added that the funds could also be deployed for other purposes as determined by the board.

According to the disclosure, the move is intended to enable shareholders and associated concerns to obtain necessary corporate approvals and provide commitments for participation in the proposed right issue before any final announcement is made.

Supernet said the board may approve and announce the actual right issue at a future date in accordance with applicable laws.