BSEC cancels GPH Ispat's rights share offer
The Bangladesh Securities and Exchange Commission (BSEC) has cancelled the rights share application of the GPH Ispat.
The commission took the decision at a meeting today (27 May), according to its press release.
The BSEC stated that, considering all aspects and due to the submitted documents being unsatisfactory, the rights offer of GPH Ispat Limited has been canceled.
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Earlier, the company had decided to issue one right share for every three existing shares at Tk15 each, including a Tk5 premium. This issuance will raise Tk242 crore by offering a total of Tk16.12 crore rights shares.
The company stated that the funds from the rights shares will be used to enhance its production capacity by setting up a new expansion plant, which is expected to generate Tk450 crore in annual revenue.
