Issuance of bonds worth Tk 1,000cr by 4 banks also approved
The Bangladesh Securities and Exchange Commission on Wednesday allowed two entities to raise capital worth Tk 217.72 crore and four banks to float non-convertible bonds worth Tk 1,000 crore. As per the BSEC approval, First Security Islami Bank will issue one rights shares against its existing two shares at an issue price of Tk 10 each, a BSEC news release said after a commission meeting held on the day.
First Security Islami Bank will issue 20,57,19,360 rights shares to its existing shareholders for raising capital
worth Tk 205.72 crore, it said.
With the fund the bank will strengthen its capital base and extend its credit portfolio for long-term business expansion, the BSEC release said.
Prime Finance Capital Management, Southeast Bank Capital Service and Royal Green Capital Market are the issue managers of First Security Islami Bank’s rights shares.
The BSEC on the day approved the initial public offering of Zaheen Spinning Limited.
The company will raise Tk 12 crore floating its 1.20 crore ordinary shares without any premium, the BSEC release said.
As per the audited half-yearly financial statements of Zaheen Spinning for June 30, 2014, earning per share of the company stood at Tk 1.01 with a net asset value per share of Tk 12.59.
The BSEC approved seven-year bonds of four banks — Tk 250 crore non-convertible subordinate bond of Prime Bank, Tk 200 crore fully redeemable non-convertible bond of Jamuna Bank, Tk 300 crore non-convertible subordinate bond of Bank Asia and Tk 250 crore non-convertible subordinate bond of Eastern Bank.
All the banks will use the funds to comply with the Basel 2 requirement and to fulfil the capital requirement of Tier two, the BSEC release said.
Meanwhile, the commission approved the draft prospectus of an open-ended mutual fund — Rupali Life Insurance First Mutual Fund.
The initial size of the fund will be Tk 50 crore.
-With New Age input
