Leading local drugmaker Renata PLC has issued preference shares of up to Tk 325 crore to refinance its loans.

Preference shares, or preferred stock, offer dividends paid out to shareholders before common stock dividends.

The purpose of the issuance of the non-cumulative, non-participative, redeemable, or fully convertible preference shares is to refinance existing loans, the company said. 

Renata also said the share issuance is subject to shareholder approval at an extraordinary general meeting scheduled to be held on January 12 in 2025, and regulatory consent from the Bangladesh Securities and Exchange Commission.

The pharmaceutical company shared the information through a disclosure on the website of the Dhaka Stock Exchange (DSE) yesterday.

Shares of Renata declined 1.09 percent to Tk 633.1 yesterday.