Shipping Corp gets nod to raise paid-up, authorised capital
Star Business Report
The state-owned Bangladesh Shipping Corporation (BSC) yesterday received approval from the Securities and Exchange Commission (SEC) to increase its paid-up and authorised capital.The BSC will increase its paid-up capital to Tk 350 crore from existing Tk 20 crore while increase its authorised capital to Tk 400 crore from existing Tk 25 crore. The approval came at a meeting of the stock market regulator, sources said. Earlier last month, a board meeting of the corporation decided to up authorised and paid-up capital in order to revamp the corporation. According to the sources, the BSC will float ordinary shares worth Tk 62.74 crore through stock exchanges while the rest Tk 267.26 crore will be raised through converting the government's equity of Tk 267.26 crore into shares. The SEC also asked the BSC to apply to the commission for approval to float primary shares.
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