Dhaka, Bangladesh (BBN)-The securities regulator has approved the initial public offering proposal of Bangladesh National Insurance Company, which will raise a fund worth BDT 177 million from the public.
The approval came on Tuesday at a commission meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).
As per the BSEC approval, the BNIC will offload 17.7 million ordinary shares at an offer price of BDT 10 for each under the fixed price method.
The company will invest the IPO fund in FDR, Treasury Bonds along with bearing expenses of IPO process.
According to the half yearly financial statement as of July 31, 2014, the company’s earning per share (EPS) and net asset value (NAV) per share are Tk 1.07 and Tk 15.65 respectively.
Prime Finance Capital Finance Capital has been appointed the issue manager of the BNIC.
Bangladesh National Insurance Company Ltd is one of the leading general insurance companies in Bangladesh. The company was incorporated on April 8, 1996 as public limited company. It obtained certificate of commencement of business on April 8, 1996 with an authorized and paid up capital of capital of BDT 250 million and BDT 60 million respectively, according to the company’s website information.