Lottery of Second NRB Mutual Fund today
FE Report | Wednesday, 2 July 2008
Lottery for share allotment of the ICB AMCL Second NRB Mutual Fund will be held at 11:00 am today (Wednesday) at the Bangladesh-China Friendship Conference Center in the city.
The names of the winners will also be posted in the ICB website, sources in the ICB said.
The initial public offering (IPO) of the close-end mutual fund will be the largest after the Shahjalal Bank Limited that went public in early 2007 floating Tk 935.82 million shares.
The IPO of Second NRB worth Tk 1.0 billion was oversubscribed by 15.5 times of 2 (two) million shares on offer for resident Bangladeshis and three times of 6 (six) million shares for Non Resident Bangladeshis (NRBs).
Of the total IPO size, 60 per cent of the units have been allotted for NRBs, 20 per cent for resident Bangladeshis, 10 per cent for mutual funds and 10 per cent for the sponsor.
The close-end mutual fund received bids worth Tk 3.10 billion or 15.5 times of the 2 million shares on offer for resident Bangladeshis and Tk 1.80 billion or three times of the 6 million shares for NRBs, according to Investment Corporation of Bangladesh (ICB).
Subscription of mutual fund (face value Tk 100) began on May 15 and continued until May 29 for resident Bangladeshis. But subscription for the NRBs remained open from May 15 to June 7.
The state-owned ICB is the trustee and custodian of the IPO with the face value Tk 100 per share and ICB Capital Management is the sponsor.
This will be the 15th mutual fund to be traded in the country's stock market.
Currently, a total of 14 mutual funds are listed on the stock exchanges. Of them, ICB and its subsidiaries have floated 11 mutual funds while BSRS and private sector companies AIMS and Grameen have one such fund each.
The names of the winners will also be posted in the ICB website, sources in the ICB said.
The initial public offering (IPO) of the close-end mutual fund will be the largest after the Shahjalal Bank Limited that went public in early 2007 floating Tk 935.82 million shares.
The IPO of Second NRB worth Tk 1.0 billion was oversubscribed by 15.5 times of 2 (two) million shares on offer for resident Bangladeshis and three times of 6 (six) million shares for Non Resident Bangladeshis (NRBs).
Of the total IPO size, 60 per cent of the units have been allotted for NRBs, 20 per cent for resident Bangladeshis, 10 per cent for mutual funds and 10 per cent for the sponsor.
The close-end mutual fund received bids worth Tk 3.10 billion or 15.5 times of the 2 million shares on offer for resident Bangladeshis and Tk 1.80 billion or three times of the 6 million shares for NRBs, according to Investment Corporation of Bangladesh (ICB).
Subscription of mutual fund (face value Tk 100) began on May 15 and continued until May 29 for resident Bangladeshis. But subscription for the NRBs remained open from May 15 to June 7.
The state-owned ICB is the trustee and custodian of the IPO with the face value Tk 100 per share and ICB Capital Management is the sponsor.
This will be the 15th mutual fund to be traded in the country's stock market.
Currently, a total of 14 mutual funds are listed on the stock exchanges. Of them, ICB and its subsidiaries have floated 11 mutual funds while BSRS and private sector companies AIMS and Grameen have one such fund each.