Karachi August 15 2023: MUGHAL Board of Directors approved to double the Authorized Capital of the company for issuance of different class of shares for raising funds.
Mughal Iron & Steel Industries Limited (MUGHAL) Board of Directors approved subject to the approval of the members through passing of special resolution, the Authorized Capital of the Company be increased from Rs. 5,000,000,000/- (Rupees Five Billion) divided into 500,000,000/- (Five Hundred Million) Ordinary shares of Rs. 10/- each to Rs. 10,000,000,000/- (Rupees Ten Billion) divided into 700,000,000 (Seven Hundred Million) Ordinary shares of Rs. 10/- each, 250,000,000 (Two Hundred and Fifty Million) Ordinary Class-B shares of Rs. 10/- each and 50,000,000 (Fifty Million) Ordinary Class-C shares of Rs. 10/- each.
Board of Directors subject to approval of the members through passing of special resolution, to give powers to the Company to issue shares with different rights, restrictions, privileges, terms and conditions etc, by amending the Articles of Association of the Company.
It is hereby recommended that authorization shall be given to the Board of Directors to issue Class-C Ordinary shares as and when considered deemed fit by the Board of Directors of the Company, with such different rights, restrictions, privileges, terms and conditions, as shall be approved by the members.
BOD also approved to establish wholly owned subsidiary in UAE/Dubai and authorize the Company to acquire Mughal Energy Limited, an associated company of Mughal Iron & Steel Industries Limited.
BOD approved for Calling and holding of Extra Ordinary General Meeting of the Company on September 19, 2023 for obtaining approval of members in respect of the above matters
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