Home ›› 17 Apr 2023 ›› Stock
National Tea Company Ltd, a publicly traded company, has received approval from the Bangladesh Securities and Exchange Commission (BSEC) to raise its paid-up capital by Tk 23.4 crore through the issuance of placement shares.
The company will issue 2.34 crores of ordinary shares with a face value of Tk 10 each, the company said in a filing on the Dhaka Stock Exchange (DSE) Sunday.
The shares, however, would be offered at an issue price of Tk 119.53 each, including a premium of Tk 109.53.
Paid-up capital is the amount of capital a company receives from shareholders in exchange for shares of stock.
Currently, National Tea has a paid-up capital of Tk 6.6 crore.
The purpose of the issuance of placement shares is to support business growth (field and factory development), finance the working capital need, and repay bank loans, the DSE filing said.
The ratio of placement share, the record date for entitlement of placement share, and the period of the subscription will be notified soon, it said.
The National Tea Company operates business of plantation, cultivation, manufacturing, and selling of tea and rubber in Bangladesh.
Each share of the company rose by 7.5 per cent to close at Tk 645.10 on the DSE on Sunday.
The sponsor-directors owned a 44.90 per cent stake in the company, while the government held 4.33 per cent, institutional investors 14.75 per cent and the general public 36.02 per cent till March 31, 2023.
