IDLC Finance to raise Tk 2.51 billion through rights offer

Dhaka,  Tue,  22 August 2017
Published : 22 Nov 2016, 21:48:31

IDLC Finance to raise Tk 2.51 billion through rights offer

FE Report

IDLC Finance will raise a fund worth above Tk 2.51 billion through rights offer to strengthen the company's capital base, officials said.

The Bangladesh Securities and Exchange Commission (BSEC) Tuesday approved the rights offer of the IDLC Finance.

As per the BSEC approval, the IDLC Finance will issue one rights share against two existing shares at an offer price of Tk 20, including a premium of Tk 10 for each share.

The company will issue above 125.68 million shares and will raise a capital worth above Tk 2.51 billion to accelerate the activities regarding SME, consumer and corporate lending portfolio.

As per the audited financial statement for the year 2015, the company's earnings per share (EPS) and net asset value (NAV) per share are Tk 5.81 and Tk 30.97 respectively.

The City Bank Capital Resources is working as issue manager for the rights offer of IDLC Finance.

At Tuesday's meeting, the securities' regulator also approved Tk 5.0 billion non-convertible subordinate bond to be issued by the Mutual Trust Bank (MTB).

The securities' regulator also imposed a penalty of Tk 0.2 million on HAC Securities for breaching securities rules regarding margin rules.
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