KARACHI, Dec 3: Millat Tractors Ltd has convened an extra ordinary general meeting of its shareholders on December 29 to get approval for investing Rs11.245 million in its associated company M/s Balochistan Casting Ltd (BCL).

According to information reaching Karachi Stock Exchange, Millat Tractors plans to acquire 562,299 ordinary shares of the BCL through rights issue.

If approved in the meeting, Millat Tractors will subscribe right issues offered by BCL at a premium of Rs10 per share against the face value of Rs10 per share.

BCL has approved to issue a 20 per cent right share at a ratio of one right share for every five ordinary shares.

The average market price of BCL share is Rs60.76 with break-up value estimated at Rs55.11 per share and earning per share at Rs3.73.—APP