BSEC approves rights offer of LankaBangla, prospectus of a new unit fund

FE Report | Wednesday, 1 November 2017

The securities regulator has approved the rights offer of LankaBangla Finance and the draft prospectus of HFAML Unit Fund.
The approvals came Tuesday at a meeting held at the office of Bangladesh Securities and Exchange Commission (BSEC).
As per another BSEC approval, Paramount Textile will raise capital worth Tk 500 million through non-convertible zero coupon bond.
The LankaBangla Finance will issue one rights share against two existing shares at a price of Tk 10. The company will raise a capital worth above Tk 1.59 billion through the rights offer to comply with the condition of BASEL-III.
As per the rights share offer document, the company's earnings per share (EPS) and net asset value (NAV) per share are Tk 2.87 and Tk 24.16 respectively for the year ended on December 31, 2016. AFC Capital is working as manager to the rights issue of LankaBangla Finance.
The BSEC Tuesday also approved the draft prospectus of HFAML Unit Fund with an initial size of Tk 500 million. The sponsors of the fund will contribute Tk 50 million, while remaining Tk 450 million will be collected from public. The face value of the units of the fund will be Tk 10 each. The units of the fund will be sold to investors under a systematic investment plan.

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