ICB gets Tk 2.16b from govt for rights shares

The state-run ICB (Investment Corporation of Bangladesh) has received Tk 2.16 billion from the government for subscription of the company's rights shares, officials said.
"We received the cheque of Tk 2.16 billion on Wednesday last from the Ministry of Finance (MoF) for subscription of rights shares," ICB managing director Md. Fayekuzzaman told the FE.
He said as per the rights offer, the government was supposed to pay Tk 2.84 billion because of its stakes in the Corporation.
"Due to its stakes in the Corporation, the government will get Tk 680 million in the form of dividend. The government's payment worth Tk 2.84 billion for the subscription of rights shares has become fulfilled due to its payment of Tk 2.16 billion and non-realisation of dividend portion worth Tk 680 million," Mr Fayekuzzaman said.
Contacted, a senior official of the MoF said the ministry sent the cheque to the ICB on December 15 last.
As per the company's rights share offer document, the board of directors of the Corporation, in a meeting held on February 14, 2013, decided to raise the paid-up capital through the issuance of rights share at a ratio of 1 (R): 2, i, e, one rights share against two existing shares.
Later, the shareholders approved the rights offer at the company's extraordinary general meeting (EGM) held on December 13, 2013.
In early August, 2014, the Bangladesh Securities and Exchange Commission (BSEC) approved the rights offer of the ICB for over 21 million shares of Tk. 100.00 each at an issue price of Tk. 500.00 per share, including a premium of Tk. 400.00 for each share.
The purpose of the issuance of rights share is to boost the company's capital base for the sake of sustainable growth and stability in the capital market.
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