Dhaka, Bangladesh (BBN) – The Bangladesh’s securities regulator has approved the rights offer of LankaBangla Finance which will raise BDT 1.59 billion through rights issuance.
The approvals came on Tuesday at a meeting held at the office of Bangladesh Securities and Exchange Commission (BSEC).
As per the BSEC approval, the LankaBangla Finance will issue one rights share against two existing shares at a price of BDT 10.
The company will raise a capital worth above BDT 1.59 billion through the rights offer to comply with the condition of BASEL-III.
As per the rights share offer document, the company’s earnings per share (EPS) and net asset value (NAV) per share are BDT 2.87 and BDT 24.16 respectively for the year ended on December 31, 2016.
AFC Capital is working as manager to the rights issue of LankaBangla Finance.
The BSEC on Tuesday also approved the draft prospectus of HFAML Unit Fund whose initial size will be BDT 500 million.
The sponsors of the fund will contribute BDT 50 million, while remaining BDT 450 million will be collected from public.
The face value of the units of the fund will be BDT 10 each. The units of the fund will be sold to investors under a systematic investment plan.
HF Asset Management is the fund manager and sponsor of the HFAML Unit Fund, an open-end mutual fund.
At Tuesday’s meeting, the BSEC also approved Paramount Textile’s non-convertible zero coupon bond worth BDT 500 million.
The Paramount Textile will issue BDT 500 million non-convertible zero coupon bond having a tenure of four years.
The characteristic of the bond will be non-listed, fully redeemable and secured.
The units of the bond can be sold to banks, corporate houses, insurance companies, financial institutes, asset management companies, mutual funds, merchant banks and high net worth individual investors. The company will fulfill the need of capital through the bond issue.
BBN/SS/AD
