The stock market regulator has approved the proposal of qualified investor offer (QIO) of Bangladesh Paints Ltd which will raise Tk 120 million from the capital market.
The approval came on Tuesday at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC) which was presided over by its Chairman Prof Shibli Rubaiyat-Ul Islam, said a press release.
As per the BSEC approval, the paint producer will issue 12 million ordinary shares at a face value of Tk 10 each under the fixed price method.
The firm will raise the capital through the exchanges' SME platform earlier introduced to ensure long term financing for the small capital companies.
Of the amount, BD Paints will utilize the funds for building construction, machinery installation, working capital and QIO expenses.
According to the company's audited financial statements for the year ended on 30 June 2021, its earnings per share stood at Tk 0.97 and net asset value per share Tk 15.94.
Prime Bank Investment Limited and CAPM Advisory Limited are working as the issue managers for the company.
The company will not be able to issue bonus shares within three years of its debut on the SME platform.
Incorporated in 2014, BD Paints is one of the largest and fastest growing paint manufacturing companies in Bangladesh.
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