The Bangladesh Securities and Exchange Commission on Tuesday approved the Express Insurance Limited’s proposal to raise Tk 26.07 crore from the capital market through an initial public offering on condition that it would invest at least 20 per cent of the IPO proceed in the capital market.
The commission has exempted the company from complying with rules regarding minimum offer size of Tk 30 crore in the public issue rules.
A BSEC meeting, presided over by its chairman M Khairul Hossain, approved the IPO proposal, said a BSEC press release.
The company will float 2.60 crore shares at an issue price of Tk 10 each to raise Tk 26.07 crore, it said.
The company has been given waiver from clause 3(3)(c) of public issue rules that says a company must and BUET industrial and production engineering department professor AKM Masud.
Of the six persons, Masudur has become independent director for the second term after completing the first three-year term.
As the term of six independent directors ended, the DSE on February 9 sent the names of 18 people to the BSEC for picking six independent directors.
Dhaka University accounting department professor Abul Hashem, retired Appellate Division Judge Siddiqur Rahman Miah, former FBCCI vice-president Monowara Hakim Ali, former Bangladesh Bureau of Statistics director general Waliul Islam, BUET computer science and engineering department professor M Kaykobad were the DSE independent directors for the maximum two terms that ended on February 13.
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