Purwanchal Lube Oil (PLO) is preparing to issue shares to the general public. The company decided to move forward with an Initial Public Offering (IPO) during its 27th annual general meeting held on Friday.
Management will use the book-building method for this issuance. The plan includes setting aside 6 lakh shares specifically for qualified institutional investors.
Shareholders will also receive a return on their investment. The meeting approved a cash dividend of 8.42 percent, including taxes, based on the profits from the previous fiscal year.
Beyond these financial decisions, the meeting addressed several internal matters. Attendees finalized the appointment of an auditor for the upcoming fiscal year and passed the annual budget. The company also confirmed the selection of a new board of directors and established their remuneration.
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