Dhaka, Bangladesh (BBN)-The board of directors of Saif Powertec Limited has decided to raise the paid up capital of the company by issuing rights share, said an official disclosure on Monday.
The company will issue at 2R:1 (two rights for one existing share) at BDT 20 including premium of BDT 10 each for expansion of the battery project of the company, to meet the requirement of working capital and to pay off debts of the company, said the disclosure.
The disclosure noted that the rights issue is subject to approval of shareholders in the extraordinary general meeting (EGM) and Bangladesh Securities and Exchange Commission (BSEC and other regulatory authorities.
The EGM will be held on July 17 at 3:30pm at Army Golf Club in Dhaka Cantonment.
The record date is on June 19.
Another record date for entitlement of the proposed rights shares to be notified later after obtaining approval from BSEC.
There will be no price limit on the trading of the shares of the company today (Monday) following its corporate declaration.
On the Dhaka Stock Exchange, each share of the company traded between BDT 61.90 and BDT 63.40, before closing at BDT 62.80 on Sunday.
The Chittagong-based company listed on the stock exchange in 2014.