Dhaka, Bangladesh (BBN)-The Bangladesh Securities and Exchange Commission (BSEC) on Monday approved initial public offering (IPO) proposal of Evince Textile Limited, a concern of Evince Group, officials said.
As per the BSEC approval, Evince Textile will raise a fund worth BDT 170 million from the public under fixed price method, by floating 17 million ordinary shares.
As per the regulatory approval given on Monday, Evince Textile will utilize its IPO fund for purchasing machineries, building construction and enhancing the company’s existing capital.
In accordance with the financial statement for the year ended on December 31, 2015 the company’s earnings per share (EPS) and net asset value per share (NAV) are BDT 1.62 and BDT 17.62 respectively.
Former president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Anwar-ul Alam Chowdhury, is the chairman of the Evince Group.
Evince Textiles was commissioned in 2003 with a goal to produce world-class premium fabrics in Bangladesh.
Currently the mill is geared to produce over a million yards of cotton shirting fabrics per month.
The product range includes 100 per cent cotton yarn dyed shirting fabrics comprised of a variety of yarn counts with a wide range of dobby designs as well as plain patterns, according to the company’s website.
At Monday’s meeting, the securities regulator also approved the proposal of debenture worth BDT 350 million to be issued by WATA Chemical.
The tenure of the debenture is six years and its characteristics are redeemable, non-convertible, non-cumulative and non-participative.