FSIBL to issue rights

First Security Islami Bank has moved to raise its paid-up capital through rights to be issued at a ratio of 1R:2 subject to the regulatory approval.

The company's board of directors has made the recommendation in favour of rights offer, according to a disclosure posted on the website of Dhaka Stock Exchange (DSE).

The company will issue one right share at an offer price of Tk 10 each against two existing shares of Tk 10 each.

"…rights shares to be issued subject to the approval of the concerned regulatory bodies as well as complying with the requirements embodied in relevant laws," said the First Security Islami Bank.

The purpose of the rights issuance is to cope with the business growth and strengthen the capital base of the company as well as maintaining adequate capital as required by Bangladesh Bank.

First Security Islami Bank, presently an 'A' category company, was listed with stock exchanges in 2008.

The company's sponsor-directors hold 33.34 per cent shares, institutes 20.63 per cent, foreigners 1.75 per cent and general public 44.28 per cent as on August 31, 2021.

The company's share price closed at Tk 12.60 each on Sunday with a loss of 3.08 per cent or Tk 0.4.

[email protected]