BSEC okays LankaBangla rights offer to raise Tk 159cr

Staff Correspondent | Published: 22:49, Oct 31,2017

 
 

Bangladesh Securities and Exchange Commission on Tuesday finally approved Tk 159.12-crore rights offer proposal of LankaBangla Finance Limited as the company rectified the compliance issue following the rejection of its proposal.
The capital market regulator gave the approval in a meeting presided over by its chairman M Khairul Hossain.
Under the BSEC approval, the LankaBangla will issue one rights share against exiting two shares of the entity at an issue price of Tk 10 each.
The company’s earnings per share and net asset value per share were Tk 2.87 and Tk 24.16 respectively based on the audited financial statement of the company for the year ended on December 31, 2015.
AFC Capital is the issue manager of the rights offer.
Earlier in August, the regulatory authority turned down the rights offer of LankaBangla Finance as one of its directors had failed
to maintain the minimum holding of 2 per cent shares, breaching the securities rules.
Later on, the director stepped down from the position and the company re-applied for the rights offer approval, said a LankaBangla official.
The commission in the meeting also okayed Tk 50-crore non-convertible subordinated bond of Paramount Textiles. The tenure of the bond will be for four years and will be fully-redeemable.
The face value of each unit of the bonds will be Tk 1 crore.
Only corporate bodies, financial institutions and funds will be allowed to subscribe the bonds through the private placement.
IDLC Investments and IDLC Finance will act as lead arranger and trustee of the bond respectively.
Meanwhile, the commission in the meeting also approved draft prospectus of an open-end HFAML Unit Fund and the primary target of the fund is Tk 50 crore.
Investment Corporation of Bangladesh is the trustee and custodian while HF Asset Management is the sponsor and asset manager of the fund. 

More about:

Want stories like this in your inbox?

Sign up to exclusive daily email

Advertisement

images

 

Advertisement

images