Dhaka, Bangladesh (BBN)- The Dhaka Stock Exchange (DSE) listing sub-committee has recommended listing of EBL First Mutual Fund with the country’s prime bourse.

The recommendation, which was made at a meeting of the committee held on Sunday, was forwarded to the DSE board, highest policy making body, a committee member confirmed.

The EBL First Mutual Fund worth BDT 1.0 billion will be the 18th such fund to be listed with the prime bourse. Eastern Bank Ltd (EBL), a private commercial bank, is the sponsor while RACE Asset Management Company is the issue manager. Per unit price of the fund is BDT 10.

Initial public offering (IPO) of the fund was oversubscribed by 17 times against 20 per cent allocated for public. Sixty per cent of fund has been kept for pre-IPO placement and the rest 20 per cent for sponsor.

Subscription was opened on June 21 last and closed on June 25 for residence Bangladeshis and on July 4 for non-residence Bangladeshis. Currently, there are 17 listed mutual funds with the DSE, having a total issued paid-up capital of $48 million or BDT 3316 million.

BBN/SS/SI/AD-17August09-4:57 am (BST)