BSEC approves rights offer of IFIC Bank

Dhaka,  Wed,  20 September 2017
Published : 15 Mar 2017, 21:23:36

BSEC approves rights offer of IFIC Bank

The regulator okays draft prospectus of Credence First Growth Fund
FE Report

The securities' regulator Wednesday approved the rights offer of IFIC Bank.

Bangladesh Securities and Exchange (BSEC) at a meeting on the day also approved the draft prospectus of an open-end mutual fund and draft rules of a clearing and settlement company under Bangladesh Securities and Exchange Commission (Clearing, Settlement and Central Counter Party) Rules, 2017.

As per the BSEC approval, the IFIC Bank will issue one rights share against one existing share at an offer price of Tk 10 each.

The company will raise a fund of above Tk 5.63 billion by issuing above 563.8 million shares to strengthen capital base as per the requirement of Basel-III.

The regulator approved the draft prospectus of Credence First Growth Fund, an open-end mutual fund, which will be floated with an initial size of Tk 200 million. Of Tk 200 million, the sponsors will contribute Tk 20 and the remaining Tk 180 will be collected through sales of units.

At Wednesday's meeting, the BSEC has also approved the proposal of winding up of the ICB AMCL First NRB Mutual Fund. As per the Securities and Exchange Commission (Mutual Fund) Rules, 2001, a closed-end mutual fund will be winded up after completion of 10 years. ICB AMCL First NRB Mutual Fund completed its tenure of 10 years on March 20 last.

The securities' regulator has warned the Summit Power Limited, concerned official of the both the stock exchanges for not complying with the verdict of the High Court (HC) properly while completing the amalgamation of Summit Power with two other companies.

The securities' regulator said that initially the verdict of the HC was not followed properly.

Later, the exchanges and company complied with the verdict and the securities rules, the BSEC said.

"The regulator has warned the Summit Power and concerned officials of the both the stock exchanges," said the securities regulator, adding that the board of the Dhaka bourse should be more cautious in future while approving any proposal regarding amalgamation.

The BSEC has also approved Tk 3.0 billion zero coupon bond to be issued by IPDC Finance Limited. The tenure of the non-convertible zero coupon bond will be five years. The face value of each unit of the bond will be Tk 1.0 million each.
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