Dhaka, Bangladesh (BBN): The securities regulator on Tuesday approved initial public offering (IPO) prospectus of Bangladesh Building System Limited, which will raise BDT 140 million from public.

The approval came at a meeting of the Bangladesh Securities and Exchange Commission (BSEC) with its Chairman M Khairul Hossain in the chair.

Using a fixed-price method, Bangladesh Building System will float 14 million ordinary shares of BDT 10 each without premium, the BSEC said in a statement.

The company will use the IPO proceeds to repay its bank loans and IPO expenses.

The company’s earnings per share is BDT 2.58 and Net Asset value (NAV) is BDT 13.07, according to its 30 June, 2012 financial statements.

Janata Capital and Investments Ltd is the issue manager of Bangladesh Building System’s IPO.

At Tuesday’s meeting, the securities regulator also fined Shymol Equity Management Ltd BDT 0.5 million for violating securities related rules.

BBN/BB/AD/11June-13-5.40pm (BST).