Bangladesh Securities and Exchange Commission on Tuesday approved Tk 30 crore initial public offering of Intraco Refueling Station Limited.
BSEC gave the approval at a meeting presided over by its chairman M Khairul Hossain.
Under the approval, the company will float 3 crore shares at an issue price of Tk 10.
The company will use the IPO proceed in bottling and installing distribution plant, and in meeting the expenses of IPO, said a BSEC press release.
As per the entity’s consolidated financial statement (including its five subsidiary companies) for the year ending on June 30, 2017, earnings per share and net asset value per share was Tk 1.43 and Tk 13.87 respectively.
AFC Capital Limited and Asian Tiger Capital Partners Investment are the issue manager of the company.
The commission at the meeting also penalised three brokerage houses by Tk 4 lakh as the houses breached
a number of securities rules.
BSEC decided to fine Hac Securities by Tk 2 lakh after a number of irregularities of the house were detected by an inspection team of Dhaka Stock Exchange.
The inspection team found that the officials of the house provided loans to their relatives and also provide margin loan facility in cash account.
The bourse also found capital shortage in
consolidated customer account of the two brokerage houses.
The commission also imposed penalty on Dynamic Securities Consultant Limited and Hedayetullah Securities by Tk 1 lakh each as an inspection team of the regulator found that the house provide netting facility to its customer for investing in the Z-category shares.
The commission in the meeting also okayed the proposal of Tk 150-crore coupon bearing non-convertible subordinated bond of Envoy Textiles Limited. The tenure of the bond will be for five years.
The face value of each unit of the bonds will be Tk 1.50 crore.
Only financial institutions and high net worth individuals will be allowed to subscribe the
bonds through private placement.
The company will use the fund in expansion and paying-off its high-cost long term debt.
EBL Investment Limited is the trustee of
The regulator also approved the prospectus of Santa First Income Unit Fund with an initial target size of Tk 20 crore.
Of the target size, general investors will provide Tk 18 crore and the sponsor-directors Tk 2 crore. The face value of the fund would be Tk 10.
Bangladesh General Insurance Company Limited acts as the trustee and BRAC Bank as the custodian of the fund.
The commission at the meeting also approved its ‘Risk Based Capital Adequacy Rules, 2018’ with amending some
provisions that would be published on the national dailies soon for asking public opinion.
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