ICB Third NRB Mutual Fund IPO lottery today
Tuesday, 27 April 2010
FE Report
The ICB Third NRB Mutual Fund will issue its refund warrants on magnetic ink character recognition (MICR) cheques for the first time in the country.
Meanwhile, the Initial Public Offering (IPO) lottery draw of the mutual fund will be held today (Tuesday) at the National Sports Council, officials said.
The officials said the subscription of the mutual fund was oversubscribed by about seven times . The IPO size is Tk 800 million. After the draw, the refund warrants will be distributed from May 2 to May 6 from the Dhaka Zila Krira Sangstha.
"As per the directive of the Bangladesh Bank, we will issue our refund warrants on MICR cheques. That's why it took extra time to hold the IPO lottery for the processing of refund warrants," an official of the ICB Capital Management Limited, asset manager of the ICB Third NRB Mutual Fund, told the FE.
"It will be the first time in the country that the refund warrants would be distributed on MICR cheques," he said.
On April 11, the BB said it would not allow refund warrants and dividend warrants without MICR cheques through Dhaka Clearing House (DCH) after April 30.
Later, the delegates of Bangladesh Bank (BB), the Securities and Exchange Commission (SEC), both the bourses and the Bangladesh Association of Publicly Listed Companies decided to allow MICR cheques for refund and dividend warrants on offset paper, instead of security paper.
From now the listed companies will issue refund and dividend warrants cheques on offset paper of more than 90 grams.
The ICB Third NRB Mutual Fund will issue its refund warrants on magnetic ink character recognition (MICR) cheques for the first time in the country.
Meanwhile, the Initial Public Offering (IPO) lottery draw of the mutual fund will be held today (Tuesday) at the National Sports Council, officials said.
The officials said the subscription of the mutual fund was oversubscribed by about seven times . The IPO size is Tk 800 million. After the draw, the refund warrants will be distributed from May 2 to May 6 from the Dhaka Zila Krira Sangstha.
"As per the directive of the Bangladesh Bank, we will issue our refund warrants on MICR cheques. That's why it took extra time to hold the IPO lottery for the processing of refund warrants," an official of the ICB Capital Management Limited, asset manager of the ICB Third NRB Mutual Fund, told the FE.
"It will be the first time in the country that the refund warrants would be distributed on MICR cheques," he said.
On April 11, the BB said it would not allow refund warrants and dividend warrants without MICR cheques through Dhaka Clearing House (DCH) after April 30.
Later, the delegates of Bangladesh Bank (BB), the Securities and Exchange Commission (SEC), both the bourses and the Bangladesh Association of Publicly Listed Companies decided to allow MICR cheques for refund and dividend warrants on offset paper, instead of security paper.
From now the listed companies will issue refund and dividend warrants cheques on offset paper of more than 90 grams.