Karachi September 13 2021: Ghani Glass Limited fully utilized funds of PKR 2.9 billion raised through issuance of right shares, as per information shared by the company at Pakistan Stock Exchange.
Out of the total amount of PKR 2.9 billion, company has used PKR 2.7 billion on Furnace and spent PKR 251 million on plant and machinery. The remaining amount of PKR 27 million is utilized for completion of civil works.
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Ghani Glass Limited has issued 55% right issue at par value of Rupees 10 per share during the third quarter ended March 31, 2021 for commissioning of the project of new float line and Balancing, Modernization and Replacement (BMR) of the other existing lines. Commercial Production from the new float line was expected to come online during the last quarter of FY2020-21. However, management is executing these projects on fast track basis.