Dhaka, Bangladesh (BBN)-The Board of Directors of JMI Syringes and Medical Devices Ltd decided to issue rights share subject to the approval of shareholders and the securities regulator, said a statement posted on DSE website on Wednesday.

“To reduce the loan liability and meet the working capital requirements the board has decided to increase company’s paid up capital by issuing rights share @ 2R:1(two rights shares for every one existing share) held on the record date at an issue price of BDT 35 each (including a premium of BDT 25 per share) on paid up capital subject to the approval of shareholders in the 15th AGM to be held on July 24, 2014 and the Regulatory Authority,” the statement added.

Another record date for entitlement of the proposed rights shares to be notified later after obtaining approval from the Bangladesh Securities and Exchange Commission (BSEC), said the statement.

BBN/BB/SS-02July14-3:00pm (BST)