Adam Investments, Adam Capital go for Rs. 1.67 b Rights

Wednesday, 1 March 2017 00:00 - - {{hitsCtrl.values.hits}}

Adam Investments Plc and Adam Capital Plc yesterday announced plans to raise fresh cash via Rights Issues.

Adam Investments’ Board has resolved to raise Rs.898.55 million via a Rights Issue of 1 for 1 at Re. 1 per share. Its current stated capital is Rs. 714.5 million.

Funds raised via Rights will be to invest in subsidiaries in order of priority to enhance working capital. Adam Capital will raise Rs. 756 million via its Rights Issue of 2 for 1 at Rs. 1.50 per share. Its current stated capital is Rs. 252 million. Funds raised will be used for investments into its subsidiaries and enhance working capital.

Both issues are subject to shareholder and regulatory approval.

Young business leader Ali Asger Shabbir Gulamhusein family controls 74% stake in Adam Investments, which in turn controls 53% stake in Adam Capital.