Berger signs issue management deal with IDLC Investments

Berger Paints BD Limited has signed an issue management agreement with IDLC Investments Limited on Monday for their proposed rights share issuance plan, according to a statement.
Berger intends to raise Tk3.75 billion by issuing 2,728,111 ordinary shares at an issue price of Tk1,376 per share. Proceeds from the Rights issuance will be utilised for setting up the paint-maker's third factory at Bangabandhu Sheikh Mujib Shilpa Nagar.
The project is expected to start its commercial operation in April 2026, costing around Tk8.13 billion.
Rupali Haque Chowdhury, managing director of Berger Paints, and Reza Uddin Ahmad, managing director of IDLC Investments signed the deal on their company's behalf.
M Jamal Uddin, CEO and managing director of IDLC Finance PLC; Sazzad Rahim Chowdhury, CFO and director of Berger; Md Mohsin Habib Chowdhury, chief operating officer of Berger and other top officials from both organisations were present at the occasion.