SC upholds BSEC approval

Dhaka,  Sat,  29 April 2017
Published : 13 Apr 2017, 00:41:46
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SC upholds BSEC approval

IFIC Bank's rights share offer
FE Report


The chamber judge of the Supreme Court (SC) upheld on Wednesday the regulatory approval to rights share offer of IFIC Bank Limited, jurists said.

The Bangladesh Securities and Exchange Commission's (BSEC) approval to the bank's rights offer again came into effect, as the chamber judge stayed the High Court's (HC) stay order, issued on Tuesday on execution of the regulatory approval, said Advocate Ahsanul Karim, the lawyer of IFIC Bank.

Meanwhile, according to a new disclosure of Dhaka Stock Exchange (DSE), the new record date for the bank's rights share entitlement is April 17. The subscription opening date is May 31, and closing date is June 29. The previous record date was April 12.

HC stayed on Tuesday execution of the regulatory approval to rights offer of IFIC Bank for three months following a writ petition filed by an investor.

On Wednesday, the market price of IFIC Bank declined 6.86 per cent or Tk 1.9 per share to close at Tk 26 each.

IFIC Bank got the regulatory approval to issue one rights share against one existing share at a face value of Tk 10 per share to raise nearly Tk 5.64 billion capital.

The board of directors of IFIC Bank has recommended 12 per cent stock dividend for the year ending on December 31, 2016.

The company has also reported consolidated EPS of Tk 2.81, consolidated NAV per share of Tk 24.69, and consolidated net operating cash flow per share (NOCFPS) of Tk 1.23 for the year ending on December 31, 2016, as against Tk 1.87, Tk 24.57 and Tk 3.13 respectively for the previous year.

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