RECORDER REPORT

KARACHI: Mughal Iron and Steel Industries declared 100 percent right offer at par to finance expansion projects worth Rs1.75 billion.

It was approved by the board of directors of the company in its meeting held on Wednesday at Lahore.

According to material information sent to Pakistan Stock Exchange, the board of directors of the company has decided that the projects relating to procurement and installation of six engines (gas fired electric generators) of 3.1MW each and BMR of existing bar re-rolling mill as already approved in the preceding board meeting held on February 27, 2017 shall be financed by way of equity. Consequently, the Board of Directors has decided to issue 100 percent right shares for at par value of Rs 10.00 per share, i.e. 100 right shares for every 100 shares.