Business Desk :
Envoy Textiles is going to raise Tk 87 crore through issuing preference shares.
Preference shares mean the shares in a company that are owned by people who have the right to receive part of the company’s profits before the holders of ordinary shares are paid.
Envoy will issue 8.7 crore shares through a private placement at a face value of Tk 10 each.
The raised fund will be used to finance the upcoming project expansion for the production of blended yarn and to prepay a portion of high-cost borrowing, said the company in a disclosure posted on the DSE website on Sunday.
Shares of Envoy dropped 7.71 per cent to Tk 45.40 in the morning trade on Sunday from the previous day.
