November 26, 2020 (MLN): Hinopak Motors Limited has notified the exchange that it has raised Rs 2.86 billion (99%) from the shareholders against the issue size of Rs 2.89 billion through rights issue of shares.

According to the notification issued to PSX, the allocation of unsubscribed portion of the Right Issue which is Rs 28.86 million shall be decided by the Board of Directors of the company in accordance with Section 83 of the Companies Act 2017.

The decision of the Board regarding the allotment of the unsubscribed shares shall be communicated to the Exchange along with a certificate from the External Auditors of the company confirming receipts of the entire amount of the Right Issue, the notification said.

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