The Bangladesh Securities and Exchange Commission (BSEC) has approved a proposal by Power Grid Bangladesh PLC to issue preference shares worth more than Tk 15.29 billion to strengthen the company’s paid-up capital.

According to information disclosed through the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) on Thursday, the approval was granted through a BSEC letter issued on Wednesday.

Under the approval, the power sector company will issue 152.91 crore redeemable and non-cumulative preference shares, each with a face value of Tk 10. The total value of the issue stands at Tk 15.29 billion.

The company said the shares will be issued in favour of the Secretary of the Power Division under the Ministry of Power, Energy and Mineral Resources.

According to the disclosure, the allocation will be adjusted against share money deposits received up to June 30 last year.

Power Grid Bangladesh PLC is a listed company in the energy and power sector of the country’s capital market.