Dhaka, Bangladesh (BBN)-The securities regulator on Tuesday approved the IPO (initial public offering) proposal of C & A Textiles to raise a fund worth BDT 450 million, officials said.
The approvals came at a commission meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).
As per the BSEC approval, the C & A will raise a fund worth BDT 450 million by offloading 45 million ordinary shares at an offer price of ten taka each under the fixed price method.
In accordance with the audited financial statement for the year ended on December 31, 2013, the company’s earning per share (EPS) and Net Asset Value (NAV) are BDT 1.78 and BDT 18.38 respectively.
AFC Capital and Imperial Capital are working as issue manager of the C & A Textiles.
The Securities regulator also approved the proposal of rights offer of Bangladesh Industrial Finance Company (BIFC).
The BSEC gave its consent to the proposal of rights offer of the BIFC which will issue one rights share against two existing shares at an offer price of ten taka.
By issuing above 33.55 million ordinary shares the BIFC will raise a fund worth above BDT 335.59 million to increase the company’s paid-up capital.
At Tuesday’s meeting, the securities regulator stressed the need for stability and sustainable growth of the capital and advised the investors to make their investment decisions based on company fundamental without paying heed to rumours.
BBN/BB/ANS-23Sept14-7:40pm (BST)