Paramount Textile, a sister concern of Paramount Group, has decided to issue 150 million fully redeemable non-convertible cumulative preference shares.

Preference shares are shares of a company’s stock with dividends that are paid out to shareholders before common stock dividends are issued.

Through issuing the preference shares, the textile maker would raise a fund of Tk 1.50 billion for five-year tenure, the company said in a filing with the Dhaka Stock Exchange on Tuesday.

It would be issued through private placement among the potential investors with a face value of Tk 10 each.

With the funds, Paramount Textile would finance the upcoming project expansion and pay-off a portion of high-cost short term loan.

The share issue is subject to the approval of Bangladesh Securities and Exchange Commission and the extraordinary general meeting of the company.

The EGM will be held on March 12 at 11:00am through digital platforms. The record date for EGM is set on February 16.

Each share of the company, which was listed on the DSE in 2013, closed at Tk 99.50 on Monday. 

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