TELE to invest up to Rs 400 Million in HCL’s rights issue

In a notification sent to PSX on 06/06/2024, Telecard Limited (TELE) announced the proposed investment of 400 million as the board of directors resolved the aggregate amount.

The Board of Directors (“Board”) of Telecard Limited (the “Company” have resolved, through circulation to invest up to an aggregate amount of PKR 400,000,000/– (Pak Rupees Four Hundred Million) in the potential right issue intended to be carried out by the Company’s subsidiary i.e. Hallmark Company Limited (“Hallmark”) in the near future, by subscribing to ordinary shares of Hallmark during the potential right issue process (as and when approved and announced by the board of directors of Hallmark) at a face value of PKR. 10/- per ordinary share of Hallmark, subject to obtaining the necessary approval of the shareholders of the Company in accordance with Section 199 of the Companies Act, 2017. The Board resolved to recommend the aforementioned investment in Hallmark to the Company’s shareholders, including taking up such number of additional ordinary shares (within the approved investment amount) which may be unsubscribed during the potential right issue process, along with issuing the requisite undertaking to subscribe to its entitlement in accordance with the provisions of the Companies (Further Issue of Shares) Regulations, 2020.

TELE shares were last trading at Rs 8.04 today.