The Bangladesh Securities and Exchange Commission (BSEC) has approved United Commercial Bank PLC’s (UCB) proposal to raise nearly Tk 775 crore through a rights share issue.
The approval was granted at the commission’s 1,019th meeting on Tuesday, chaired by BSEC Chairman Masud Khan.
Under the approved proposal, UCB Bank will issue 775,187,949 ordinary rights shares with a face value of Tk 10 each. The issue price has also been fixed at Tk 10 per share.
Existing shareholders will be entitled to subscribe to one rights share for every two shares they currently hold, based on a 1:2 entitlement ratio.
Through the rights issue, the bank aims to raise Tk 7.75 billion (Tk 775.19 crore).
According to the BSEC, the proceeds from the rights issue will be used to support UCB Bank’s regular banking operations and business activities.
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