BBN file photo

Dhaka, Bangladesh (BBN) – Rights share subscription of Zaheen Spinning will begin on July 29 to raise BDT 985.52 million through rights issuance.

The record date for entitlement of rights shares is on April 5, according to a disclosure posted on the Dhaka Stock Exchange (DSE) on Sunday.

On Wednesday, the Bangladesh & Exchange Commission ((BSEC) approved a proposal of rights shares to be issued by Zaheen Spinning.

The company will issue one rights share against one existing share at an offer price of BDT 10 each.

As per the BSEC approval, the company will issue above 98.55 million shares to raise a capital worth above BDT 985.52 million.

The company will utilise the fund for expansion of business and capital along with partial repayment of loans.

The company reported net asset value (NAV) per share of BDT 14.07 and earnings per share (EPS) of BDT 1.39 for the year ended on June 30 in 2017.

Each share of the company, which was listed on the Dhaka bourse in 2015, closed at BDT 17.20 on Thursday at the DSE.

The company’s paid up capital is Tk 985.53 million and authorized capital is BDT 4.0 billion while total number of securities is 98.55 million.

The sponsor-directors own 31 percent stake in the company while institutional investors 22.91 percent and the general public 45.99 percent.