Aamra Networks, a publicly listed internet service provider, received approval from the Bangladesh Securities and Exchange Commission (BSEC) to raise Tk 920 million through a rights issue.

This means existing shareholders will have the opportunity to purchase additional shares in the company at a discounted price.

The funds raised will be used to upgrade the company’s network infrastructure and repay outstanding loans. Aamra will issue three crore new shares at Tk 30 each, offering one new share for every two shares currently held.

Existing shareholders will have the option to purchase these new shares at a discount compared to the current market price.

This move comes as Aamra seeks to invest in its network and strengthen its financial position.

The company’s net asset value per share stood at Tk 38.11 on June 30, 2023, with earnings per share at Tk 3.64. However, Aamra’s share price recently declined by 6.96% to Tk 52.10 on the Dhaka Stock Exchange.

The rights issue will be managed by UCB Investment, and further details regarding the offer date and discount will be announced in the coming days.