August 22, 2022 (MLN): The Board of Directors of Cordoba Logistics & Ventures Limited (PSX: CLVL) in its meeting held on Monday allowed the management to invest Rs31 million in "Neem Exponential" by purchasing SAFE Note for future equity, the company’s filing on PSX showed today.
Neem Exponential is Pakistan's leading embedded finance company, built on an open banking/API model, serving underserved communities in Agriculture and SME sectors.
The company has a first mover advantage in enabling non-financial service platforms and communities to offer cutting-edge and insight-driven financial services, thereby disrupting the financial landscape.
Accordingly, the status of subscription of the right issue of the company is as under:
Particulars
No. of Shares
Amount (PKR)
Total Issue size
50,000,000
500,000,000
Shares Subscribed
34,555,286
345,552,858
Allotted Portion
15,444,714
154,447,142
The board has also agreed to not call upon the underwriters to subscribe to the allotted portion of the rights issue and has unanimously agreed that the 15,444,714 shares portion of the rights issue.
This is in accordance with section 83 (1) (a) (iv) of the Companies Act, 2017, and allotted by the Board of Directors at the rate of Rs10 per share.
