New IPO proposal of Tosrifa Industries approved

The securities regulator has approved the IPO (initial public offering) proposal of Tosrifa Industries which will raise a fund worth above Tk 638.72 million from public, officials said. The approval came Tuesday at a commission meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC). As per the regulatory approval, under the fixed price method Tosrifa Industries will offload above 24.56 million ordinary shares at an offer price of Tk 26, including a premium of Tk 16 for each ten taka share. In accordance with the company's audited financial statement for the year ended on December 31, 2013, the earnings per share (EPS) and net asset value (NAV) of Tosrifa Industries are Tk 2.49 and Tk 34.41 respectively. IDLC Investments has been appointed the manager to the issue of Tosrifa Industries. At Tuesday's meeting, the securities regulator imposed a penalty worth Tk 1.0 million on Joytun Securities International for breaching securities rules while disbursing margin loan and dealing with the clients.     — FE Report

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