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Karachi, Cordoba Logistics & Ventures Limited (CLV L) has released its third quarterly progress report detailing the utilization of funds from its completed right issue. The report, in accordance with Regulation 10(2) of the Companies (Further Issue of Shares) Regulations, 2020, outlines the allocation of funds until June 2023.
A breakdown of the utilization of the right subscription amount is as follows:
1. Procurement of commercial vehicles:
Total Funds: Rs. 390.00 million
Date for Utilization disclosed to Members: By December 2023
Funds Utilized: Rs. 350.98 million
Utilization Percentage: 90.00%
2. Other ventures:
Total Funds: Rs. 75.00 million
Funds Utilized: Rs. 75.00 million
Utilization Percentage: 100.00%
3. Working capital:
Total Funds: Rs. 35.00 million
Funds Utilized: Rs. 33.00 million
Utilization Percentage: 94.29%
Overall, the total funds raised from the right issue amounted to Rs. 500.00 million, with Rs. 458.98 million being utilized across various purposes.
CLV L has reported that Rs. 300.5 million has been spent on the procurement of vehicles through its wholly owned subsidiary, Cordoba Leasing Limited (CLL). CLL holds an NBFC license, facilitating the acquisition of commercial vehicles.
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