Renata PLC, a pharmaceutical and chemical sector company listed on the stock exchange, has decided to issue preference shares to raise Tk 325 crore from the market. The decision was made at the 231st board meeting of Renata, on November 23. The preference shares will be non-participating, meaning holders will not have voting rights or be able to attend the Annual General Meeting (AGM). These shares may either be fully redeemed at maturity or converted into common shares at the company’s discretion. The funds raised through this issue will be used to repay Renata’s existing debts. Renata will hold an Extraordinary General Meeting (EGM) on January 12, 2024, to obtain shareholder approval. If approved by shareholders and the Bangladesh Securities and Exchange Commission (BSEC), the bond issue will proceed.
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