FE Report
The securities regulator Thursday approved initial public offering (IPO) prospectus of Paramount Textile Limited, which will raise Tk 840 million from public.
The approval came at a meeting of the Bangladesh Securities and Exchange Commission (BSEC) with its Chairman M Khairul Hossain in the chair, said a commission's statement signed by Mohammad Saifur Rahman, executive director of BSEC.
The Paramount Textile will float 30 million ordinary shares of Tk 10 each at an offer price of Tk 28, including a premium of Tk 18, the BSEC statement said.
According to the company's statement, the IPO proceeds will be used to pay off term loan taken from the banks.
The company has reported earning per share (EPS) at Tk 3.47, according to its financial reports for the year ended on 30 June, 2102.
IDLC Investments Limited is acting as the issue manager of Paramount Textile Limited IPO.
After completing all procedures, the Paramount Textile will be the 31st listed company in the Textile sector in the prime bourse.
Meanwhile, the securities regulator repelled its earlier directive dated on 14 February, 2010 that compels members of the stock exchanges to obtain clearance or No-objection in writing from the Bangladesh Securities and Exchange Commission before filing nomination to compete in directorship election.
For the purpose, the intending member will have to submit a Letter of Intent (LOI) to the Commission through the relevant stock exchange before 5 (five) working days of the date scheduled for filing nomination.
At Thursday's meeting, the securities regulator also fined Raspit Data Management and Telecommunication Ltd (Issuer) and Dhaka Fisheries Ltd (Issuer) for violating securities rules.
The commission fined managing director and directors of Raspit Data Management and Telecommunication, Dhaka Fisheries Limited Tk 0.1 million each for their failure to submit financial statement for the year ended on June 30, 2012.
The Securities regulator also fined Salta Capital Limited Tk 0.5 million as it failed to show available funds in Consolidated Customer Account on June 30, 2011, January 31, 2012 and February 29, 2012. The regulator also found inconsistency in the Net Capital Balance in the period submitted to the stock exchange.
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