FE Report
Rights share subscription of Sonali Paper & Board Mills will begin on June 7 and continue till June 28.
The company will raise Tk 109.82 million issuing 10.98 million rights shares of Tk 10 each at a ratio of 1R:2.
As a result, one rights share will be issued against two existing shares held within the record date set on May 23.
Bangladesh Securities and Exchange Commission (BSEC) approved Sonali Paper's rights offer on April 20 last.
The rights issue is an offer of new shares by a company to its existing shareholders in proportion to the shares they already own and usually at a discount to market price.
Sonali Paper will utilise the fund to be raised through rights shares to purchase brand new Caterpillar Gas Generator sets with complete standard accessories, according to a disclosure.
UCB Investment Ltd is working as issue manager of the company's rights offer.
The company's sponsors-directors hold 67.51 per cent stakes in the company, while institutions and general public hold 9.79 per cent and 22.70 per cent shares as on April 30, 2022.
Sonali Paper was shifted to the over-the-counter (OTC) market in October 2009 due to poor performance.
Later, the company came back to the main board of the stock exchanges on July 26, 2020.
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