FT ONLINE

The securities regulator has asked Zaheen Spinning, a listed company, to submit revised proposal of issuing rights shares.

At the same time, the Bangladesh Securities and Exchange Commission (BSEC) has cancelled the schedule of rights share subscription.

The decision was taken at a meeting held at the BSEC office in the capital on Sunday.

As per the BSEC decision, Zaheen Spinning will have to submit the revised proposal for issuing rights shares.

"The BSEC has cancelled the schedule of rights share subscription, following an application submitted by the company," said Mohammad Saifur Rahman, a BSEC executive director.

Asked, the company secretary said they have decided to bring changes in rights issue proposal due to some internal complexities.

The company was supposed to complete rights share subscription during July 29 to August 26, 2018.

Earlier, the securities regulator approved the proposal of issuing rights shares on March 7 last.

The company was supposed to issue one rights share against one existing share at an offer price of Tk 10 each to raise a capital worth above Tk 985.52 million.