• Wednesday, Nov 13, 2019
  • Last Update : 08:03 pm

IPDC Finance gets BSEC approval to issue rights share

  • Published at 09:54 pm May 29th, 2019
BSEC
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The price of rights share has been fixed at Tk12 each, including Tk2 premium at the ratio of 1R: 2.

The Bangladesh Securities and Exchange Commission (BSEC) yesterday approved rights share proposal of IPDC Finance Limited. 

The price of rights share has been fixed at Tk12 each, including Tk2 premium at the ratio of 1R: 2.

The approval was given at a commission meeting presided over by BSEC Chairman M Khairul Hossain, held at its headquarters.

As per the BSEC approval, the company will utilise the fund for expansion of business and capital strong. The company reported net asset value (NAV) per share of Tk17.20 and earnings per share (EPS) of Tk2.06 for the year ended on June 30, 2017.

AAA Finance and Investment Limited will act as the issue manager.

Besides, the meeting also approved the draft prospectus of Constellation Unit Fund (An open-end). The initial size of the fund will be Tk 10 crore. The sponsor will contribute Tk1 crore, while remaining Tk9 crore will be collected through sales of units. The face value of the units will be Tk10 each. 

Constellation Asset Management Company Limited is the sponsor of the unit fund. Constellation Asset Management will work as fund manager. Investment Corporation of Bangladesh (ICB) is trustee and  Brac Bank Limited is custodian of the unit fund.

The commission at the meeting also approved capital raising proposal of JMI Syringes and Medical Devices through selling 1.11 crore shares at the rate of Tk 10 to Nipro Corporation as foreign direct investment.

The commission hopes that the capital would be used for JMI’s project expansion, clearing bank loans and fulfilling demand of the current liquidity.