IFAD Autos to issue rights - Share market analysis of dhaka stock exchange, Bangladesh

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06 June, 2017 09:46 AM Source: The Financial Express Bangladesh
ifad autos.jpg

The board of directors of IFAD Autos has decided to issue rights at the rate of 2R:5 (i.e. two rights share for existing five shares), said an official disclosure on Monday.

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.

The board decided to issue rights at an issue price of Tk 20 each, including premium of Tk 10 each on paid-up capital subject to approval by shareholders in an extraordinary general meeting (EGM) and Bangladesh Securities and Exchange Commission (BSEC) and the other regulatory authorities, said the disclosure.

The EMG will be held on July 25 at 3:30pm at Samarai Convention Center at Panthapath in Dhaka. The record date is on July 3.

Another record date for entitlement of the proposed rights shares to be notified later after obtaining approval from BSEC.

There will be no price limit on the trading of the shares of the company today (Monday) following its corporate declaration.

Each share price of the automobile dealer, which was listed on the Dhaka bourse in 2015, closed at Tk 133.90 each on Sunday at DSE. 

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