Rights issue of BD Thai gets go-ahead
The stockmarket regulator yesterday approved Bangladesh Thai Aluminium's application to raise Tk 52.33 crore through rights issue.
Rights shares are issued to a company's existing shareholders that entitle them to buy additional shares directly from the company in proportion to their existing holdings within a fixed time period.
The aluminium panel producer, which was listed on the stock exchange in 1990, will issue 5.23 crore rights shares of Tk 10 each at par to its existing shareholders.
One rights share will be offered for each existing shares.
Citizen Securities and Investments will be the issue manager. The raised fund will be used for production capacity enhancement and loan repayment, Bangladesh Securities and Exchange Commission said in a statement.
Earnings per share of Bangladesh Thai Aluminium, popularly known as BD Thai, were Tk 1.03 as of June last year and the net asset value per share was Tk 47.94.
On the Dhaka Stock Exchange yesterday, each share of the company was traded at between Tk 35.4 and Tk 36.6, before closing at Tk 35.6.
Sponsors hold 30.98 percent stakes in BD Thai, institutions 11.65 percent, foreign investors 1.2 percent and general public 56.17 percent.