Indo-Bangla Pharmaceuticals Limited is going to sell its 1.59 acres of land in Barishal for Tk27 lakh and use the fund to buy land in Gazipur for business expansion, according to a stock exchange filing on Monday.
In 2019, the company set up a new factory in Kaliakoir, Gazipur.
In September last year, it bought 1.61 acres of land there at Tk4.2 crore with its own fund. Then in March this year, it bought another 2.01 acres of land at Tk2.65 crore.
Indo-Bangla Pharma raised Tk20 crore from the stock market in 2018 through an Initial Public Offering (IPO).
It had allocated Tk13 crore of the fund for machinery acquisition at its Barishal factory, and Tk5 crore for constructing a new building there.
In the first nine months of the fiscal 2021-22, its revenue declined to Tk43.52 crore, and profit to Tk7.16 crore, which was Tk59.82 crore, and Tk8.94 crore respectively a year ago.
Its shares closed at Tk21.80 each on the Dhaka Stock Exchange on Monday.