FE Report
The securities regulator Tuesday approved the IPO (initial public offering) proposal of Bangladesh Steel Re-Rolling Mills (BSRM) which will raise a fund worth Tk 612.5 million under fixed price method, officials said.
The regulator has also asked its enforcement department for taking next course of action against some institutions and individuals having involvement with unusual price hike of Shahjibazar Power Company.
The decisions were taken a commission meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).
As per BSEC approval, the BSRM will offload 17.5 million ordinary shares at an offer price of Tk 35.0, including a premium of Tk 25 for each ten taka share.
The company will raise a fund worth Tk 612.5 million for the purpose of company's expansion, repayment of bank loan and to bear the expenses of IPO process.
As per the financial statement for the year ended on December 31, 3013, the company's earnings per share (EPS) and net asset value (NAV) are Tk 5.06 and Tk 52.09 respectively.
Alliance Financial Services is the manager to the issue of the BSRM.
By scrutinising the investigation reports the securities regulator has found some institutions and individuals having involvement with unusual price hike of Shahjibazar Power Company.
"The commission decided to refer the matter to enforcement department for taking next course of action those ones," a BSEC official said.
The regulator has fined Prime Islami Securities Tk 2.0 million for breaching securities rules by disbursing margin loan against its chairman and 'Z' category securities purchased by its clients.
The company has also conducted transaction of money above Tk 0.5 million from the clients without any cheque.
As per regulator approval, Sajib Knitwear will raise its capital worth Tk 125 million by issuing shares to existing directors and shareholders at an offer price of Tk 100 each.
Union Capital will also raise fund worth Tk 500 million by issuing cumulative redeemable preference shares to institutional investors other than existing ones.
The securities regulator has also asked Race Management (Pvt) Company to take measures against its officials who changed lead bank without taking regulatory consent.
mufazzal.fe@gmail.com
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