National Tea Company Ltd has received the regulatory nod to raise its paid-up capital by Tk 23.4 crore.

Currently, the paid-up capital of the company is Tk 6.6 crore.

Paid-up capital is the amount of money a company has received from shareholders in exchange for shares of stock.

The Bangladesh Securities and Exchange Commission (BSEC) has accorded the approval for the placement issue to raise the paid-up capital through the issuance of 2.34 crore ordinary shares of Tk 10 each, said the company in a filing on the Dhaka Stock Exchange today.

The share would be offered at an issue price of Tk 119.53 each, including a premium of Tk 109.53.

The purpose of the issuance of placement shares is to support the business growth (field and factory development), finance the working capital need, and repay bank loans, the filing said.

The ratio of placement share, the record date for entitlement of placement share, and the period of the subscription will be notified soon, it said.