National Tea to issue placement shares to raise Tk 2.80b

National Tea Company (NTC) will raise Tk 2.80 billion by issuing placement shares to support the business growth and strengthen the working capital.

Another objective of raising the capital is to repay the bank loan.

The Bangladesh Securities and Exchange Commission (BSEC) has recently accorded approval for placement issue of the NTC, said a filing of the company posted on the website of the Dhaka Stock Exchange (DSE) on Sunday.

To raise the capital, the NTC will issue 23.40 million ordinary shares at an offer price of Tk 119.53, with a premium of Tk. 109.53 per share.

The ratio of placement share, record date for entitlement of placement share, the period of subscription and the list of bankers to the issue will be notified soon, said the disclosure.

The NTC, presently a 'B' category company, was listed on the stock exchange in 1979.

The company's share price oscillated between narrow ranges in the last four months and finally closed at Tk 645.10 on Sunday.

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