Dhaka, Bangladesh (BBN)– The Securities and Exchange Commission (SEC) on Sunday published a notification on the distribution of private placement shares with imposing one-year lock-in on the allotment letters.
The securities regulator has imposed one year lock-in on the allotment letters, from the date of issuance, meaning that these letters cannot be transferred or sold to others before the completion of lock-in period.
Sponsor or promoter group should maintain a post issue shareholding of 30 per cent of the company’s total paid-up capital, at least for three years from the date of regulator’s consent.
As per the approved guideline on placement shares, a company will be allowed to raise its proposed capital from not more than hundred investors, including institutional investors.
At the same time, a complete list of subscribers should be submitted to the SEC within 15 days of closing subscription along with the copy of allotment letters.
BBN/SSR/AD-03Oct11-1:48 am (BST)
