Envoy Textiles to raise Tk 87cr
Envoy Textiles is all set to raise Tk 87 crore by issuing preferred stocks, which are shares in a company owned by people who receive a part of the company's profits before ordinary shareholders are paid.
Envoy will issue 8.7 crore preference shares through private placement at a face value of Tk 10 each.
The funds raised will be used to finance the company's upcoming expansion project for the production of blended yarn, and to pre-pay a portion of high-cost borrowing, Envoy Textiles said in a disclosure posted on the Dhaka Stock Exchange website.
The company's paid up capital was Tk 167 crore while its earnings per share rose to Tk 0.21 in the July-September period of the current financial year, up from Tk 0.13 previously.
At the Dhaka bourse, stocks of Envoy Textiles dropped 3.04 per cent to Tk 47.08.
Earlier in July this year, Envoy Textiles announced that it would spend Tk 176 crore to expand the production capacity of its spinning unit.
Envoy Textiles declared 10 per cent cash dividend for shareholders in the 2020-21 financial year.
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