The Karachi Stock Exchange (KSE) has approved the application for formal listing and quotation of shares of International Steels Limited on completion of all formalities required under the listing regulations of the exchange. The KSE on Friday notified that the trading in the shares of ISL will start on the ready board of the exchange from June 1, 2011 and all transactions taking place in respect of the ISL shall be settled on T+2 settlement basis from the above mentioned date.
The first settlement date will be June 3, 2011. The market lot of the company will be one share of Rs 10 each. According to a KSE notice, the shares of ISL have already been declared eligible security by the Central Depository Company of Pakistan Limited (CDC) and the transactions shall be settled through the National Clearing Company of Pakistan Limited (NCCPL), which has assigned Company Code/Security Symbol as 'ISL'.
The opening price of shares of ISL will be Rs 14.06 per share as determined through book building process. Normal Circuit Breakers will be applicable on the opening price of shares in the Ready Market. The company will be quoted under 'Industrial Metals and Mining' Sector of the Daily Quotations of the exchange.
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