Zaheed Spinning Limited has deferred the subscription date of rights shares from earlier set deadline on July 29, 2018 with approval of the regulatory body.
The Bangladesh Securities and Exchange Commission (BSEC) in a meeting on Sunday approved the petition of the company considering the interest of the investors, BSEC sources said.
The decision was taken at the 656th meeting of the BSEC in Dhaka on Sunday. The regulatory body earlier approved the issuance of right shares of the company.
As per the previous schedule, the company sought applications from the investors for subscription of rights shares from July 29 to October 28, 2018. Following a recent petition from the company, the BSEC at the meeting reviewed the rights share proposal and gave its consent on deferring the date of subscription of the rights shares. It has asked the company to submit a revised rights shares proposal to the commission to comply with the securities laws.
Earlier on March 7, 2018, the company’s rights proposal was approved at the 633th meeting of the Bangladesh Securities and Exchange Commission (BSEC).
It is known that, Zaheed Spinning will issue one right share of face value of Tk 10 each against 1 share held by a shareholder in 1R: 1 ratio.
With offering the rights shares, the company will collect about Tk 98.55 million from the share market.
The company will utilise the proceeds from the rights shares on expansion of its business by raising current capital and making payment of part of its existing loans. The company’s earnings per share totaled Tk 1.39 and the asset value per share was Tk 14.07 as on 30 June 2017.
GSP Investments Limited and MTB Capital Limited are the company’s issue managers.