Panther Tyres Spends Nearly Rs. 2 Billion to Expand Operations

Panther Tyres Ltd (PSX: PTL) has spent Rs. 1.986 billion for expansion, development and working capital requirements, the company’s final progress report revealed on Thursday. The Company carried out an IPO in February 2021 to partially finance its major expansion project. A sum of Rs. 1.41 billion was allocated to this expansion from IPO proceeds. The Company had raised Rs. 1.97 billion through the issuance of 30 million ordinary shares at a strike price of Rs. 65.80 per share. The amount was raised as per details below:   The expansion project as of December 2023 utilized Rs. 1.986 billion funds as shown below:   The Company is principally engaged in the manufacture and sale of tyres and tubes for vehicles.