National Feed Mill Limited yesterday got IPO approval from the securities regulator to raise Tk18 crore from the stock market mainly to expand its business.
Bangladesh Securities and Exchange Commission (BSEC) in a statement said yesterday that it approved the IPO of National Feed.
The company will issue 1.8 crore ordinary shares with a face value of Tk10 each. The raised fund will be used for expanding its operation, payment of bank loan, strengthening the capital base and meeting the IPO expenses. The company’s net asset value is Tk14.55 and earning per share is Tk1.85, according to its financial statement till June 2013.
The BSEC also approved Tk300 crore Mudaraba Subordinate Bond of Social Islami Bank. With its maturity period of six years, the bank’s annual term deposit interest rate is 120%. The bond’s each unit price is Tk5,00,000.
Institutional investors like bank, insurance, financial institution, corporate house and individual investors are eligible for subscribing the bond.
The bank raised fund through issuing bond in line with the regulatory requirement of meeting Basel-II. The commission also fined two brokerage firms Tk10 lakh for breaching securities rules.
AB Securities was fined Tk5 lakh as it accepted cash instead of cheque from its clients and withdrew more than Tk6 crore from its consolidated client.
