MUGHAL increases its Authorized Capital from Rs3bln to Rs5bln

MG News | April 19, 2021 at 03:01 PM GMT+05:00

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April 19, 2021 (MLN): The Board members of Mughal Iron & Steel Industries Limited, at their Extraordinary General Meeting (EOGM), held on April 19, 2021, have approved the increase in the authorized capital of the Company from Rs3 billion divided into 300 million ordinary shares of Rs. 10/-each to Rs5 billion divided into 500 million ordinary shares of Rs. 10/-each.

The members also approved entering into a Power Purchase Agreement with Mughal Energy Limited for the supply of electricity to Mughal Iron & Steel Industries Limited.

The members further authorized the company to issue a cross corporate guarantee on behalf of Mughal Energy Limited up to Rs. 6 billion to the bank(s) for availing financing facilities by Mughal Energy Limited.

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