Dawood Lawrencepur in its meeting held today has approved investment of Rs. 70,000,000 (Rupees Seventy Million) in the proposed Right Issue of Reon Energy Limited approved a corporate guarantee in favor of Allied Bank as a security against Running Finance of Rs. 500,000,000.
The company has approved the aforementioned investment in Reon Energy Limited (wholly owned subsidiary of the company) by obtaining 7,000,000 shares of the proposed Right Issue of Rs. 10/- each.
Furthermore, the Board Members at the company has also approved issuance of a Corporate Guarantee in favour of Allied Bank Limited as a security against Running Finance (RF)/Money Market Loan (MML) of Rs. 500,000,000/- to be obtained by Tenega Generasi Limited – subsidiary company of Dawood Lawrencepur Limited.