BSRM Steel Mills Merger with BSRM Approved
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BSRM Steel Mills Merger with BSRM Approved

The Daily Star reported that Bangladesh Securities and Exchange Commission has approved the amalgamation of Bangladesh Steel Re-Rolling Mills and its

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

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