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The National Tea Company's placement shares subscription will resume today and continue until March 27 for raising capital of Tk 2.80 billion.
Earlier, the stock market regulator has given consent to the extension of the time until March 31 for raising the said amount, said the state-run entity in a stock exchange filing on Wednesday.
The bankers to the issue for placement share issue are Sonali Bank and Pubali Bank.
In April 2023, the Bangladesh Securities and Exchange Commission (BSEC) approved National Tea's proposal to raise Tk 2.80 billion by issuing 23.4 million ordinary shares at Tk 119.53 each, including a premium of Tk 109.53.
The purpose of issuing placement shares is to support business growth, finance working capital needs, repay bank loans as well as increase the government stakes to 51 per cent.
The government and its entities were offered 4.43 new shares against each existing share, while non-government sponsor-directors were offered shares at the ratio of 3.21:1. General public were offered shares at the lowest ratio -- 2.85:1.
Placement shares are new equity shares issued to individual investors, corporate entities, or small groups of investors for fund raising.
Initially, the subscription period was between July 10 and September 10, 2023. But the BSEC postponed the subscription that time due to a writ petition filed by an investor, citing unfairly shares allocation.
However, the subscription opened on 19 June last year upon the High Court order as well as the regulatory approval.
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