The board of directors of Alif Industries, a yarn producer, has decided to raise capital worth Tk 2.0 billion through share issuance for expansion of its business.
The board has decided to raise capital through issuance of new shares to the prospective shareholders or investors at a price of the latest annual audited net asset value or share price of the company, the company said in a filing with the Dhaka Stock Exchange (DSE) on Tuesday.
The issuance of new shares is subject to approval of shareholders in the 28th annual general meeting (AGM) and Bangladesh Securities and Exchange Commission, according to the filing.
As per the latest audited financial statements, the company's net asset value (NAV) per share was Tk 21.66 for the year ended on June 30, 2021.
The company has informed that due to unavoidable circumstances the 28th AGM of the company will now be held on December 12 instead of earlier declared date December 11, 2021.
Recently, the board of directors of Alif Industries has also decided to issue convertible bonds worth Tk 3.0 billion for land, machinery and existing factory renovation.
Meanwhile, the board of directors of the company has recommended two years dividends-2021 and 2020 -- at a time on November 10, 2021.
The company has recommended 10 per cent cash dividend for general shareholders for the year ended on June 30, 2021 while it announced 5.0 per cent cash dividend for general shareholders for the year ended on June 30, 2020.
The board has also decided to increase its authorised capital to Tk 4.0 billion, from Tk 1.50 billion subject to the approval of the shareholders in the 28th AGM.
The company has also reported earnings per share (EPS) of Tk 1.45 for the year ended on June 30, 2021 as against Tk 1.02 for the same period of the previous year.
Each share of the company, which was listed on the DSE in 2017, closed at Tk 46.20 on Tuesday, advancing 0.20 per cent over the previous day.
Presently, the company's paid-up capital is Tk 442.52 million and authorised capital is Tk 1.50 billion, while the total number of securities is 44.25 million. The sponsor-directors own 33.35 per cent stake in the company, while institutional investors own 12.71 per cent and the general public 53.94 per cent as on October 31, 2021, the DSE data showed.
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