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BSEC approves IFAD Auto's revised rights offer proceeds

FE Report | Published: May 31, 2019 10:46:21 | Updated: June 03, 2019 10:06:50


The securities regulator has approved the proposal of IFAD Autos submitted to revise its implementation schedule of rights offer proceeds.

The company confirmed the regulatory approval to its revised implementation schedule through a disclosure published on the website of Dhaka Stock Exchange (DSE).

According to revised schedule, IFAD Autos will purchase approximately 1,050 decimal land in Dhamrai, Dhaka with consideration value of Tk 118.80 million.

The company will also purchase approximately 820 decimal land in Gazipur with consideration value of Tk 69.58 million.

"The remaining expansion related works for assembly plant will be provided to Naif Engineering & Builders with consideration value of Tk 40 million," said the disclosure of IFAD Autos.

It also said the company will spend the remaining fund of expansion of assembling unit for land development. The cost of this land development will be above Tk 37.12 million.

To complete the above tasks, it will take an additional year from the time mentioned in the Rights Offer Document (ROD), IFAD Autos said.

"All other terms and conditions mentioned in the ROD will remain unchanged," the company's disclosure added.

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