Star Adhesive allowed to raise Tk 50m

The securities regulator has allowed Star Adhesive to raise a capital worth Tk 50 million through qualified investor offer (QIO).

The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday approved a proposal of the company's QIO.

The company will raise the fund issuing 5.0 million shares at an offer price of Tk 10 each.

As per the regulatory approval, the company will raise the fund from the eligible investors.

The fund will be utilised for the purpose of recasting factory, using as capital, repaying loans and catering the cost of the QIO.

The company has reported its basic earnings per share (EPS) of Tk 6.05 while the diluted EPS has stood at Tk 1.80 between July 1, 2020 and June 30, 2021.

For the same period, the company's NAV (without revaluation reserve) has stood at Tk 12.56.

AAA Finance and Investment is working as the issue manager for the QIO of the Star Adhesive.

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