First Security Islami Bank to issue rights share

First Security Islami Bank has decided to increase its paid-up capital through issuing rights shares at a ratio of 1:2 meaning one right share for every two ordinary shares.

Rights share means shares that would be issued to existing shareholders to purchase additional shares in proportion to their holdings. 

The issue price would be Tk 10 per share subject to the approval of the regulatory bodies concerned as well as complying with the requirements embodied in relevant laws. 

The purpose of the rights issuance is to cope with the business growth and strengthen the capital base of the company as well as maintaining adequate capital as required by Bangladesh Bank, the company said today in a disclosure.

However, stock price of the company fell 3.08 per cent to Tk 12.60 today, according to data of the Dhaka Stock Exchange.