Dhaka, Bangladesh (BBN) - The initial public offering (IPO) lottery draw of the Bangladesh Submarine Cable Company Limited (BSCCL) will be held today (Wednesday) at the Bangladesh Engineers’ Institution Seminar Hall at 11am.
Bangladesh Submarine Cable Company raised BDT 1.0850 billion from public floating 31 million ordinary shares of BDT 10 each at an offer price of BDT 35 each, including BDT 25 as premium, the company said.
The subscription opening date was March 18, 2012 and closing date was March 22. However, subscription period for Non Resident Bangladeshis (NRB) were March 18 to March 31.
The IPO proceedings will be used in repaying loans taken from Islamic Development Bank and meeting working capital. The working capital will be used in setting up another substitute cable line to acquire bandwidth and ensure uninterrupted voice and data supplies, officials said.
ICB Capital Management Ltd is the issue manager of the Bangladesh Submarine Cable IPO.
BBN/SSR/AD-17Apr12-8:24 pm (BST)
