GCIL fully utilizes Rs2.56bn right subscription amount

MG News | April 09, 2024 at 01:05 PM GMT+05:00

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April 09, 2024 (MLN): Ghani Chemical Industries Limited (PSX: GCIL) has completely utilized the right subscription amount of Rs2.561 billion, the company’s quarterly progress report issued to the bourse showed today.

This amount represents proceeds from the right subscription shares received by the merged entities, G3 Technologies, and Class B shares of the company.

According to the report, the funds allocated for the import substitute calcium carbide project worth Rs2.27bn were entirely utilized by GCIL.

The remaining Rs291.16 million were utilized to fulfill the working capital needs of GCIL.

GCIL is principally engaged in manufacturing, sale and trading of medical & industrial gases and chemicals.

At the time of writing this, the stock of the company is being traded for Rs10.5, up by 3 paisa or 0.29% compared to its previous close.

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