IFAD revises schedule of rights utilisation proceeds

The board of directors of IFAD Autos has decided to revise rights share utilisation proceeds and sought one year more time to utilise the proceeds.

The revision of rights share utilisation proceeds is subject to the approval of the shareholders and the securities regulator, said a disclosure posted on the Dhaka Stock Exchange's website on Sunday.

As per the revised condition, the company will purchase another 820 decimal lands at Gazipur with a total cost of Tk 69.58 million and also purchase 1050 decimal land at Dhamrai in Dhaka.

The company will also make expansion of assembling unit where Tk 40 million will be sanctioned to Naif Engineering & Builders for the remaining tasks, the disclosure said.

They will also spend the remaining balance of more than Tk 37 million for land development.

For all the above revisions, the company will require additional one-year time specified in rights offer document (ROD), the disclosure said.

IFAD Autos, the automobile dealer, raised a fund worth over Tk 1.24 billion through issuing 62.19 million rights shares last year for raising paid-up capital, expansion of the business, meeting the requirement of working capital, and paying off debts.

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