Evince Textiles to issue shares for Evitex’s shareholders

Business Report :
The board of directors of Evince Textiles Limited has decided to issue ordinary shares to the shareholders of Evitex Fashions Limited after getting approval from the court.
The company will issue shares at a ratio of 1:1.8 at face value subject to the consent of the Bangladesh Securities and Exchange Commission (BSEC).
In this regard, the company will issue 7,92,000 shares.

Earlier in May this year, the High Court gave a verdict in favour of the scheme of amalgamation between Evince Textiles and its subsidiary Evitex Fashions Limited.
Evince Textiles, which got listed on the capital market in 2016, had earlier decided to merge with Evitex Fashions to curb operating costs.
Evitex Fashions was incorporated on 11 April 2004 as a private company with Tk8.80 crore in paid-up capital. It started commercial operations in 2005 and its factory is located in Gazipur.