The Daily Star reported that Bangladesh Securities and Exchange Commission has approved the amalgamation of Bangladesh Steel Re-Rolling Mills and its sister concern BSRM Steel Mills. The BSEC approved the merger at a commission meeting, where it also gave the go-ahead to the amalgamation ratio of 1:0.288 following a High Court order. BSRM will issue 6.25 crore shares to the shareholders of BSRM Steel Mills instead of 39.44 crore shares, which still have a face value of BDT 10. After the amalgamation, BSRM's paid-up capital will soar to BDT 298.58 crore from BDT 236 crore. BSRM currently holds a 44.97% stake in BSRM Steel Mills. BSRM's sales hit BDT 4,577 crore in fiscal 2019-20 and it logged profits of BDT 92 crore for the same period
The Daily Star reported that Bangladesh Securities and Exchange Commission has approved the amalgamation of Bangladesh Steel Re-Rolling Mills and its sister concern BSRM Steel Mills. The BSEC approved the merger at a commission meeting, where it also gave the go-ahead to the amalgamation ratio of 1:0.288 following a High Court order. BSRM will issue 6.25 crore shares to the shareholders of BSRM Steel Mills instead of 39.44 crore shares, which still have a face value of BDT 10. After the amalgamation, BSRM's paid-up capital will soar to BDT 298.58 crore from BDT 236 crore. BSRM currently holds a 44.97% stake in BSRM Steel Mills. BSRM's sales hit BDT 4,577 crore in fiscal 2019-20 and it logged profits of BDT 92 crore for the same period
