Renata approves Tk 325 crore preference shares

Leading local drugmaker Renata PLC has issued non-cumulative, non-participative, redeemable, or fully convertible preference shares up to Tk 325 crore. 

Preference shares, or preferred stock, offer dividends paid out to shareholders before common stock dividends.

The purpose of the issuance of preference shares is to refinance existing loans, subject to shareholder approval at an extraordinary general meeting scheduled to be held on January 12 in 2025, and regulatory consent from the Bangladesh Securities and Exchange Commission, the company said.

The pharmaceutical company shared the information through a disclosure on the website of Dhaka Stock Exchange (DSE) today. 

Shares of Renata declined 0.33 percent to Tk 638 as of midday trading.