GPH Ispat Limited will raise Tk 241.9 crore from the capital market by issuing the rights share of the company to install a new furnace at the company's expanded plant.

The company unanimously passed a resolution in this regard. As per the resolution, the company will issue 1 right share for every 3 ordinary shares at an issue price of Tk 15 (inclusive of Tk 5 premium), subject to approval from the Bangladesh Securities and Exchange Commission.

The decision came at the company's extraordinary general meeting today, according to a press release.

Mohammad Alamgir Kabir, chairman of the company, presided over the meeting.

Mohammed Jahangir Alam, chairman of GPH Group and managing director of GPH Ispat Limited, emphasised the importance of this move for the company's growth.

Mohammed Almas Shimul, additional managing director of the company, Mohammad Ashrafuzzaman, Md Abdul Ahad and Md Azizul Hoque, directors, along with Safiul Alam Khan Chowdhury and Mukhtar Ahmed, independent directors, were present.

Mohammad Mosharraf Hossain, acting company secretary of the company, moderated the meeting, where Kamrul Islam, executive director (finance & business development) of the company, was present.

HM Ashraf-Uz-Zaman, Group chief financial officer, Arup Chowdhury, independent scrutineer and partner at Ahmed Zaker & Co, along with chartered accountants, and a large number of shareholders were also present.