The Bangladesh Securities and Exchange Commission (BSEC) has decided not to extend the subscription time for directors of Alif Industries who decided to buy shares of the company worth Tk 200 crore.

Yesterday, the stock market regulator took the decision at a board meeting.

In 2021, the company had decided to raise the capital through the issuance of new shares when the share price was Tk 48.

The garment manufacturer said it wanted to issue new shares at a 40 percent discount on the weighted average share price of the preceding six months or 180 working days.

So, it had applied to the BSEC for its permission to issue each share at Tk 22. Later, the BSEC approved the issuance of the shares. In the meantime, the share price of the company dropped.

Yesterday, share of Alif Industries traded at Tk 8. Amidst this trend of the decline in share prices, the directors sought extension of the time for the subscription.

Subsequently, the BSEC said it would not extend the time further.