Dhaka, Bangladesh (BBN)-Mozaffar Hossain Spinning Mills (MHSM) has planned to issue rights share among its existing shareholders for the expansion of its business, officials said on Monday.
The company will go for rights shares @ 3R:2 (three rights shares for every 2 existing shares), at an issue price of Tk 10 each subject to approval by the Bangladesh Securities and Exchange Commission (BSEC).
Moreover, the company will have to approve the plan at its EGM scheduled to be held on October 30 at 11:00am at the factory office in Rupgonj of Narayangonj.
Record date for the EGM is on September 25, 2014.
The purpose of rights issue is to establish a ring project under the exiting rotor project. The board has also decided to increase the authorized capital of the company from BDT1.0 billion to BDT 3.0 billion.
Another record date for entitlement of the proposed rights shares to be notified later after obtaining approval from BSEC.
BBN/BB/ANS-15Sept14-8:30pm (BST)