Dhaka, Bangladesh (BBN)– Bangladesh’s securities regulator has approved the initial public offering (IPO) proposal of Information Technology Consultants to raise fund worth BDT 120 million under fixed price method, officials said.
The decisions came at a meeting of the Bangladesh Securities and Exchange Commission (BSEC) held at the BSEC office on Tuesday.
Under the approval, Information Technology Consultants is allowed to issue 12 million ordinary shares at an offer price of BDT 10 each.
The company will use the IPO fund worth BDT 120 million for expansion of business, repayment of bank loans along with bearing the expenses of IPO proceedings.
As per the audited financial statement for the year ended on June 30, 2014, the company’s earning per share (EPS) and net asset value (NAV) are BDT 1.04 and BDT 18.28 respectively.
At Tuesday’s meeting, the securities regulator fined the directors of Appollo Ispat Complex BDT 01 million each for the company’s access repayment of bank loans with IPO fund, breaching the condition set in consent letter.
The securities regulator said Appollo Ispat Complex re-paid access amount of bank loans worth BDT 581.2 million with IPO fund violating the condition set in consent letter issued for IPO proposal.
The BSEC also fined the directors of Dacca Dyeing and Manufacturing Co. BDT 0.2 million each for inflating the company’s profits and EPS calculated for the year ended on June 30, 2013.
As per another regulatory decision, Globe Securities and Alpha Securities will have to pay penalties worth and BDT 1.0 million and BDT 0.3 million respectively for breaching securities rules.
BBN/SSR/AD
