S Alam to issue one right share for two existing shares

The Securities and Exchange Commission (SEC) has allowed S Alam Cold Rolled Limited to issue one right share for two existing shares.

According to approval of the SEC, the company will go for right issue of 26,67,240 ordinary shares of Tk 100.00 each at totaling Tk 26,67,24,000.00 at a ratio of 1:2.

The proceeds of the rights will be used to subscribe and hold 70 per cent equity of a private limited captive power generation company namely S Alam Power Generation Limited.

The total estimated cost of the project is of Tk 1459.39 million, out of which Tk 266.72 million will be invested by S Alam Cold Rolled Limited from the rights issue.