Dhaka, Bangladesh (BBN)-Bangladesh securities regulator on Tuesday approved the IPO (initial public offering) proposal of Bangladesh Steel Re-Rolling Mills (BSRM) which will raise a fund worth BDT 612.5 million under fixed price method, officials said.
The decisions were taken a commission meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).
As per BSEC approval, the BSRM will offload 17.5 million ordinary shares at an offer price of BDT 35.0, including a premium of BDT 25 for each ten taka share.
The company will raise a fund worth BDT 612.5 million for the purpose of company’s expansion, repayment of bank loan and to bear the expenses of IPO process.
As per the financial statement for the year ended on December 31, 3013, the company’s earnings per share (EPS) and net asset value (NAV) are BDT 5.06 and BDT 52.09 respectively.
Alliance Finance Services is the manager to the issue of the BSRM.
The BSEC has also asked its enforcement department for taking next course of action against some institutions and individuals having involvement with unusual price hike of Shahjibazar Power Company.
By scrutinising the investigation reports the securities regulator has found some institutions and individuals having involvement with unusual price hike of Shahjibazar Power Company.
“The commission decided to refer the matter to enforcement department for taking next course of action those ones,” a BSEC official said.
BBN/SSR/AD-10Dec14-2:20 pm (BST)
