Bhagawati Composite Industries Approves 10% Bonus Shares and 20% Rights Issue at Second AGM
Bhagawati Composite Industries Limited held its second Annual General Meeting in Chitwan, approving a 10% bonus share distribution and a 20% rights issue. The company also plans to increase its issued capital from Rs 420 million to Rs 750 million and proceed with an IPO after regulatory approval.
Bhagawati Composite Industries Limited concluded its second Annual General Meeting (AGM) on Monday at Hotel Pauwa in Krishnapur, Bharatpur-7, Chitwan.
During the meeting, shareholders approved a 10% bonus share distribution and a 20% rights issue to follow the bonus allotment. The AGM also endorsed a plan to increase the company's issued capital from Rs 420 million to Rs 750 million.
In addition, the meeting approved:
- The annual report and financial statements for FY 2082/83
- The appointment of an auditor
- The appointment of board members
The company intends to proceed with its initial public offering (IPO) after completing the necessary legal procedures and obtaining regulatory approval.
Bhagawati Composite Industries manufactures WPC doors, frames, wall panels, and other fiber-based products.