Dhaka, Bangladesh (BBN)– The IFIC Bank has decided to increase paid-up capital through issuance of rights share after considering bonus shares for stock dividend, said an official disclosure on Tuesday.
The bank will issue one right share against one existing share at a price of BDT 10 each on paid-up capital after considering bonus shares for stock dividend, said the disclosure.
However, the bank said that the right issue is subject to approval of the shareholders in the annual general meeting, Bangladesh Bank, Bangladesh Securities and Exchange Commission and other regulatory authorities to meet the future capital requirement of the bank.
Another record date shall be declared for determining the entitlement of the proposed rights share after getting approval from the BSEC, the disclosure said.
There will be no price limit on the trading of the shares of the bank today following its corporate declaration. Monday’s closing price of each IFIC Bank’s share was BDT 15.40.
The IFIC Bank was listed on the Dhaka bourse in 1986. The bank belongs to the “A” category.
Currently, the bank’s paid-up capital is BDT 5,034.12 million and authorised capital is BDT 20,000 million, while the total number of securities is 503,412,417.
The sponsor-directors own 8.48 percent stake in the IFIC Bank, while institutional investors own 22.16 percent, foreign 0.42 percent and the general public own 36.19 percent as on May 31, 2016, the DSE data showed.