BSEC extends subscription period for National Tea Company until 30 June

The Bangladesh Securities and Exchange Commission (BSEC) has extended the validity of its consent letter for National Tea Company's share subscription offer until 30 June – marking the third such extension.

The publicly listed tea producer aims to raise Tk279.70 crore by issuing placement shares to its existing shareholders at Tk119.53 per share, payable in cash on the record date.

Despite previous extensions – first in August and then in October – the fundraising effort remains incomplete. After the last five-month extension ended in March, the company requested another three months to keep the plan alive.

According to company sources, National Tea has raised around Tk111 crore through two rounds of subscriptions: Tk44 crore in the first round, which ended on 19 September 2024, and Tk58 crore in the second round, which closed on 31 March 2025.

However, the company's ability to utilise the funds remains uncertain due to regulatory conditions. A BSEC disclosure stated that National Tea must maintain at least 51% government ownership at all times – including stakes held by ICB and Sadharan Bima Corporation.

The latest extension applies only to shareholders on the record date of 15 May 2023 who did not pay their subscription. Those who already subscribed will not be eligible under this extended window. The new subscription opening and closing dates will be announced in due course, the disclosure added.