Record date for IDLC’s rights Dec 15

Dhaka,  Fri,  09 December 2016
Published : 28 Nov 2016, 11:39:46

Record date for IDLC’s rights Dec 15

FE Online Report
The record date for entitlement of rights share of IDLC Finance Limited has been fixed on December 15, said an official disclosure on Monday.

The record date is set by the board of directors of a company and refers to the date by which investors must be on the company’s books in order to receive dividends/rights for a particular stock.

The IDLC has also informed that the subscription period for rights issue will begin on January 1, 2017 which will be continued till January 19, 2017.

On November 22, the securities regulator, Bangladesh Securities and Exchange Commission approved IDLC Finance’s application to raise above Tk 2.51 billion through rights issue.

The rights issue is an offer of new shares by a company to its existing shareholders in proportion to the shares they already own and usually at a discount to market price.

The leading financial institution, which was listed in 1992, will issue 125.7 million rights shares of Tk 20 each, including Tk 10 as premium.

One rights share will be offered for existing two shares, according to the BSEC statement.

The raised fund will be used for strengthening IDLC’s capital so that it can scale up its SME, consumer and corporate lending. City Bank Capital Resources will be the issue manager.

IDLC’s earnings per share stood at Tk 5.81 as per last year’s audited financial statement and the net asset value per share Tk 30.97.

Each share of the company closed at Tk 57.80 on Sunday on the Dhaka Stock Exchange (DSE).

Sponsors hold 59.66 per cent stakes in IDLC, institutions 23.21 per cent, foreign investors 4.78 per cent and general public the remaining 12.35 per cent as on October 31, 2016, according to DSE data.

The company’s paid-up capital is Tk 2,513.67 million and authorised capital is Tk 10,000 million while total number of securities is 251,367,187.



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