Berger Paints gets BSEC approval to issue rights shares
According to BSEC sources, the company has been allowed to issue 2,728,111 ordinary shares with a face value of Tk10 each and a premium of Tk1,100 per share
Berger Paints Bangladesh Limited, a listed company on the stock market, has received approval from the Bangladesh Securities and Exchange Commission (BSEC) to issue rights shares.
The decision was made at BSEC's 956th commission meeting held today (27 May), according to officials familiar with the matter.
According to BSEC sources, the company has been allowed to issue 2,728,111 ordinary shares with a face value of Tk10 each and a premium of Tk1,100 per share. After the sponsors, directors, and shareholders holding 5% or more shares renounce their rights, the company aims to raise a total of Tk302.82 crore through this issuance.
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The proceeds from the rights share issue will be used to establish a third manufacturing plant in the National Special Economic Zone and to cover expenses related to the rights offering.
IDLC Investments Limited is acting as the issue manager for the rights offering.
