• Thursday, Jul 09, 2020
  • Last Update : 05:19 pm

BSEC approves Ashuganj Power bond IPO, Premier Bank bond of Tk 500cr

  • Published at 09:46 pm July 2nd, 2019

The regulatory body also gave nod to Tk500 crore in bonds for Premier Bank

The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday approved the initial public offering (IPO) of bonds worth Tk 100 crore in favour of state-run Ashuganj Power Station Company Ltd.

The regulatory body also gave nod to Tk500 crore in bonds for Premier Bank.

Besides, the BSEC imposed a ban on M/S. Ahmad and Akhter Chartered Accountants for being a non-compliant firm, from auditing any listed companies of stock market.

The decisions were taken at a commission meeting, presided over by Chairman M Khairul Hossain, says a press release.

As per the BSEC approval, the company will offload 2 lakh non-convertibles and fully redeemable coupon bearing bonds for Tk 5,000 each. 

According to the financial statement ended on June 30, 2017, the company's net asset value (NAV) per share stood at Tk265.96, while the weighted average of earnings per share (EPS) was Tk10.63. 

The tenure of the bond will be seven years and interest rate will be 8.5%-10.50%.

ICB Capital Management Limited and Brac EPL Investment Limited will act as the issue managers for the bond process.

Also at yesterday’s meeting, the BSEC approved a proposal of Premier Bank Limited to issue a fully redeemable non-convertible floating rate subordinated bond worth Tk500 crore.

The purpose of the issue is to strengthen the capital base (Tier 2) of the company. The tenure of the bond will be seven years. Per unit price of the bond will be Tk1 crore.

The units will be sold to banks, financial institutions, insurance companies, corporate bodies, asset management companies, mutual funds, and high net-worth individuals through private placements.

Multi Securities and Services Limited will act as the trustee and Race Portfolio and Issue Management Limited will arrange the bond.

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