The board of directors of TPL Life Insurance Limited, a subsidiary of TPL Trakker Limited, in its meeting held on February 06, has approved a rights issue of 48 million ordinary shares of the face value of Rs 10.00 each, aggregating to Rs 480 million.
The board also approved that any shares remain unsubscribed or are renounced by any of the existing shareholders, the same may be offered and issued to the public (including persons participating in the book building process), to the maximum extent of up to 40 million ordinary shares, as and by way of Initial Public Offering (IPO) at the Strike Price (subject to a floor price of Rs 10 per share) determined through the book building process as per the applicable rules and regulations of the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX) and consequently, subject to the approval of PSX and SECP, the Company by listed on the PSX as per applicable rules and regulations.
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