RSRM’s right share offer scrapped | The Business Standard
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SATURDAY, JUNE 14, 2025
RSRM’s right share offer scrapped

Stocks

TBS Report
26 November, 2020, 09:45 pm
Last modified: 26 November, 2020, 09:48 pm

Related News

  • BSEC moves to bring debt-ridden RSRM back into business
  • BSEC moves to bring debt-ridden RSRM back into business
  • RSRM MD, sons barred from leaving country in Tk188cr loan default case
  • BSEC rejects Agrani Insurance's right share offer
  • Ctg loan court fines five execs of RSRM Tk462 crore

RSRM’s right share offer scrapped

The company wanted to collect Tk100 crore from the share market by issuing the right shares for modernising its factory and repaying loans

TBS Report
26 November, 2020, 09:45 pm
Last modified: 26 November, 2020, 09:48 pm
RSRM’s right share offer scrapped

KEY FINANCIALS

  • RSRM's paid-up capital is Tk101.19 crore
  • Loss per share was Tk1.06 in July-Sept quarter of FY21
  • NAV per share was Tk48.63
  • Gave 10% cash dividend on 30 June 2020
  • Closing price was Tk22.9 per share on Thursday

The stock market regulator has cancelled an application of Ratanpur Steel Re-Rolling Mills (RSRM) Ltd, seeking to issue the right shares.

The company wanted to collect Tk100 crore from the share market by issuing the right shares to invest in modernising its factory and repaying loans.

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The Bangladesh Securities and Exchange Commission (BSEC) has issued letters in this regard on Thursday.

The principal activities of the company are to manufacture and sell MS bars of various grades made from MS billets.  

A BSEC official said the company did not submit documents on the right shares' offer with the latest accounts within the stipulated time frame.

RSRM took time twice but failed to comply with the BSEC instructions, the official added.

Tahid Ahmed Chowdhury, managing director of EBL Investment Ltd and the issue manager of RSRM, said the company took time till 31 October 2020 for submitting the documents to the commission.

"But the company is not eager to submit the documents because it will not get a premium perhaps if the right shares are approved by the commission."

The company wanted to issue two right shares against every three shares of the firm.

The price of every right share would be Tk10. With a premium of Tk5, the total price of every right share would be Tk15.

Earlier, the company had decided to issue every right share at Tk20 with a Tk10 premium, but this decision was revoked.

RSRM's paid-up capital is Tk101.19 crore and the number of shares is 10.12 crore. The company wanted to issue 6.75 crore more right shares.

On Thursday, the price of each share of the company was Tk22.90.

After the July-September quarter of 2020-21 financial year, loss per share of the company was Tk1.06 and net asset value (NAV) per share Tk48.63.

On 30 June 2020, the company gave a 10% cash dividend to its shareholders.

The company's net profit was Tk10.63 crore and earnings per share were Tk1.05.

Its revenue was Tk323.90 crore, which was Tk680.87 crore in the previous year.

The entrepreneurs and the directors hold 47.03% shares of the company. Institutional investors hold 19.88% and general investors 33.09% of the shares.

The company got listed on the country's stock exchanges in 2014.

Bangladesh / Top News

RSRM / Right Share Offer

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