Berger appoints IDLC as issue manager

Berger Paints Bangladesh has appointed IDLC Investments Ltd as the issue manager for raising Tk 375 crore by issuing right shares.

The leading paint maker will issue 27.28 lakh ordinary shares at Tk 1,376 per share, said Berger in a statement after signing the agreement with IDLC, an investment bank and a subsidiary of IDLC Finance.

Rupali Haque Chowdhury, managing director of the paint and coating manufacturing company, and Reza Uddin Ahmad, managing director of the investment bank, inked the deal to this end in Dhaka, read a press release.

Proceeds from the rights issuance will be utilised for establishment of its third factory at the Bangabandhu Sheikh Mujib Shilpa Nagar.

The project is expected to start commercial operations from April 2026 and will cost approximately Tk 813 crore.

M Jamal Uddin, group managing director and CEO of the investment bank, and Sazzad Rahim Chowdhury, chief financial officer and director of the paint and coating manufacturing company, and Md Mohsin Habib Chowdhury, chief operating officer, along with other top officials from both companies were also present.