Engro Corporation sells 295 million EFERT shares
- Engro Corporation (ENGRO), through a notice on Pakistan Stock exchange (PSX) has notified the sale of 295mn shares of EFERT (22% of EFERT) at a price of Rs65.47/share (4% discount to last closing price).
- The sale was earlier intended for up to 316mn shares (24% of EFERT).
- The sale has raised Rs19bn (Rs37/share) that would be used to finance ENGRO’s upcoming projects of Thar mining and power generation.
- The sale would result in a gain of Rs31/share on ENGRO’s stand-alone P/L.