2024-09-13 20:46:31
Published: 13:04, 12 September 2024
The regulator Bangladesh Securities and Exchange Commission has rejected the application of Alif Industries Limited, a company listed in the engineering sector in the capital market, to increase the capital of Tk 200 crore.
This decision was announced in the 920th commission meeting under the chairmanship of Bangladesh Securities and Exchange Commission (BSEC) Chairman Khandkar Rashed Maqsud on Wednesday (September 11). This information has been informed in a press release sent by BSEC.
According to the notification, the board of directors of the company requested to extend the period of subscription to raise capital of Tk 200 crore. Where the price per share was 22 rupees. However, BSEC rejected the application for extension of time as the company failed to raise the capital within the stipulated time. Besides, the consent letter issued earlier by the Commission has been revoked due to failure of the company to withdraw the said capital within the stipulated time limit.
Earlier, in January 2023, BSEC approved the issuance of Tk 200 crore shares to Alif Industries in the name of entrepreneur-directors. To reduce the debt of C&A Textile Company and return to production, the entrepreneur of Alif Industries was allowed to withdraw money from shares.
However, the then share price of the company was 43 taka 40 paisa. At a discount of 40 percent from these shares, the entrepreneurs got permission to withdraw 200 crores from the market by issuing new shares at the rate of 22 rupees. This share price is determined on the basis of weighted average of six months.
Dhaka/NT/NH