Warns Swadesh Investment
The Securities and Exchange Commission on Wednesday approved a proposal of the Global Heavy Chemicals Limited to raise Tk 24 crore through initial public offering.
The company will float 1.2 crore ordinary shares with an offer price of Tk 20 including a premium of Tk 10.
According to the audited accounts of the company in 2011, the earning per share was Tk 3.71.
The commission also warned Swadesh Investment Management Ltd for depositing the underwriting amount for the Saiham Textile Mills’ rights share offer after the deadline.
Swadesh Investment was the issue manager of the rights offer of Saiham Textile.
An underwater is a company that pledges to subscribe the unsubscribed portion of shares in any public offering.
Saiham Textile initially set February 5-19 as the subscription period for rights share after the SEC approved the offering in December 2011.
Later, the SEC extended the time for the subscription till March but many of the rights shares remained unsubscribed.
According to DSE officials, the total underwriting amount for Swadesh Investment was Tk 25 crore and the company failed to pay the amount in due time.
The other underwriters of the Saiham Textile’s rights offer, which bought the shares, were Banco Finance and Investment Limited, LankaBangla Finance Limited, PLFS Investments Limited, Prime Finance Capital Management Limited and Sonali Investment Limited.
-With New Age input
