Supernet Technologies Limited, listed on the Pakistan Stock Exchange under the ticker STL, has approved a rights issue of approximately Rs. 914.77 million through the issuance of 91.48 million ordinary shares at Rs. 10 per share, subject to regulatory approvals, in a capital-raising exercise designed to strengthen the company’s financial base and support its ongoing technology projects.
Eligible shareholders will be offered approximately 85 rights shares for every 100 ordinary shares currently held, with the proposed issue representing approximately 85 percent of the company’s existing paid-up capital. The company stated that proceeds from the rights issue will be deployed to support capital requirements arising from expanded operations and active technology contracts, with the funds intended to give Supernet Technologies the financial capacity to execute on its current and near-term project pipeline.
The board’s decision to proceed with the rights issue follows the completion of Supernet Technologies’ merger with Supernet Limited, which expanded the company’s operational footprint and business portfolio by combining the two entities into a single structure. Supernet has also been extending its geographic reach through operations in the United Arab Emirates, adding an international revenue dimension alongside its Pakistan-based business. The company recently secured a contract worth approximately Rs. 1 billion for the modernisation of communications infrastructure in Pakistan, a contract expected to contribute meaningfully to financial performance during fiscal year 2026-27 and providing concrete justification for the capital injection the rights issue is intended to deliver.
The company’s board of directors and its major shareholder Telecard Limited, which had separately approved participation in the rights issue at its own board meeting in June, have indicated their intention to subscribe to their respective entitlements or arrange subscriptions to be made on their behalf. Any portion of the rights issue that remains unsubscribed will be underwritten in accordance with applicable laws and regulations, providing a backstop that ensures the full issue proceeds are secured regardless of uptake from minority shareholders.
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