Dhaka, Bangladesh (BBN)-The subscription of the initial public offering (IPO) of Marico Bangladesh Limited (MBL) has been oversubscribed by more than 11 times, a company official said in Dhaka.

The MBL, a subsidiary of the Mumbai-based group, will allot 3,150,000 ordinary shares to raise funds to BDT 283.50 million from stock markets to pay the loan owed to the several local commercial banks.

“The lottery for allotment of shares in the IPO of the company will be held on Saturday at the Bangabandhu International Conference Center in the capital, Dhaka,” Senior Manager Corporate Affairs and Treasury and Company Secretary Iqbal Chowdhury told BBN in Dhaka.

He also said the value of the share was fixed at BDT 90 a share with the face value of BDT 10 and premium BDT 80.

On August 5, the Securities and Exchange Commission (SEC) allowed the MBL for doubling IPO under the scheme of ‘Green Shoe’ from five percent to 10 percent of its paid up capital, which is BDT 280 million.

The MBL is a subsidiary of leading Multinational Group MARICO, which operates in consumer products and services in the Beauty and Wellness space in more than 21 countries with a significant presence in Middle East & North Africa (MENA), Southern Africa, South East Asia including Bangladesh and India.

BBN/SS/SSR/AD-27August09-5:22 pm (BST)