BSEC rejects rights share application of Orion Infusion
On Sunday, the company’s share price stood at Tk314.20 on the Dhaka bourse
The Bangladesh Securities and Exchange Commission (BSEC) has rejected the rights share application of publicly listed Orion Infusion Limited.
According to a Dhaka Stock Exchange disclosure, the commission is not in a position to accord consent for raising capital of Tk20.36 crore through the issuance of the rights shares.
In November last year, the company decided to issue the rights shares to boost its paid-up capital, which currently stands at Tk20.36 crore.
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The rights shares were supposed to be issued at a ratio of 2:1 – one new share for every two existing shares held by investors – at a price of Tk20 per share, including a Tk10 premium, according to the disclosure.
The company intended to use a portion of the fund to repay loans, and the remaining for balancing, modernisation, rehabilitation, and expansion (BMRE).
On Sunday (6 October), the company's share price stood at Tk314.20 on the Dhaka bourse.
Meanwhile, Orion Infusion decided to pay its shareholders a 10% cash dividend for the 2022-23 fiscal year. During the year, its earnings per share was Tk2.06.
In the first nine months of the last fiscal year, the company's revenue reached Tk64.75 crore, an increase from Tk60.73 crore in the same period the previous year. Its net profit stood at Tk2.96 crore, which was Tk2.88 crore a year ago.
Its earnings per share was Tk1.45 and its net asset value per share stood at Tk14.92 end of March 2024.
Till 30 September, sponsors and directors held 40.61%, institutions 5.42%, foreign investors 0.06% and general investors 53.91% of the shares in the company.
The company is devoted to producing Large Volume Parenteral (LVP) and other lifesaving injectable products.
