The Bangladesh Securities and Exchange Commission on Tuesday approved a proposal of Bangladesh Building Systems Limited, a steel manufacturing company,
to raise a capital of Tk 14 crore through initial public offerings.
The BSEC took the decision at a regular meeting of the commission held on the day.
According to the BSEC, Bangladesh Building Systems will offload its 1.40 crore shares at an issue price of Tk 10 per share.
The company will use the IPO fund to repay bank loans and meet up the initial public offering expenses, a BSEC release said.
The net asset value per share of Bangladesh Building Systems is Tk 13.07 while the earning per share is Tk 2.58, according to the audited financial accounts ended on June 30 last year.
Janata Capital and Investments Limited is the issue manager of Bangladesh Building Systems, the BSEC release added.
Meanwhile, the capital market regulator also fined Shymol Equity Management Tk 5 lakh on charges of violating different securities laws.
According to BSEC findings, Shymol Equity Management accepted more than Tk 5 lakh in cash from their clients and issued margin loans to them without any legal documents.
The BSEC also found that the MD and directors of the company had accepted margin loans from the organisation, deposited clients’ funds to the managing director’s account and not mentioned it in the financial statement.
-With New Age input
