Waves Home Appliances rights issue fully subscribed after Rs983.65m share allotment

Profit by Pakistan Today reported that Waves Home Appliances has now achieved full subscription in its rights issue. The unsold portion was taken up by its parent, Waves Corporation, which paid Rs983.65 million for the balance. The company disclosed the development to the PSX in a filing made on Friday.

The board cleared the issuance of 98,365,485 ordinary shares priced at Rs10 each, covering the remaining unsubscribed shares. Under Section 83(1)(a)(iv) of the Companies Act, 2017, these shares were offered to the holding firm, with a total value of Rs983,654,850. The company also confirmed that the full subscription money reached its designated bank account, including the amount the parent had paid.

The filing added that an auditor's confirmation of the receipt will follow at a later date. The company was previously known as Samin Textiles Limited.