Bangladesh Securities and Exchange Commission (BSEC) on Tuesday approved right share proposal of Golden Harvest Agro Industries Ltd (GHAIL).
The company will raise Tk 90 crore by issuing 9 crore right shares.
Shareholders will get three shares against every four shares. Thus, the ratio will be 3R:4, the BSEC says in a press statement yesterday.
As per the proposal, 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 Tk22.96 and earnings per share (EPS) of Tk0.64 for the year ended on June 30, 2017.
Banco Finance and Investment Limited and Alpha Capital Management Limited are the joint issue manager in this regard.
According to the Dhaka Stock Exchange (DSE) data, sponsor-directors hold 33.03% of GHAIL’s share, institutions 46.81%, and general investors hold the remaining 20.16%.
Besides, the meeting also fined a director of People's Leasing And Financial Services Limited Tk1 lakh each for breaching securities laws.
The commission also fined Adil Securities Limited Tk1 lakh. The brokerage house flouted a number of securities laws including shortfall in consolidated customers' accounts, providing loans in cash accounts and receiving in cash from the clients.
News Source: https://www.dhakatribune.com/business/2019/10/01/bsec-approves-golden-harvest-rights-offer