Marico Bangladesh trading from tomorrow
Tuesday, 15 September 2009
FE Report
Share trading of the Marico Bangladesh Limited (MBL), a subsidiary of the Mumbai-based group, will make debut tomorrow (Wednesday) in country's both the bourses-- Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE), sources in the bourses said.
Initially, the company got permission to float five per cent or 1,492,100 ordinary shares to raise funds to the tune of Tk 135 million from stock market to pay the loan owned to the several local banks.
Later, it doubled its initial public offering (IPO) from five per cent to 10 per cent of the company's paid up capital under the scheme of 'Green Shoe' as it applied to the Securities and Exchange Commission to get permission for increase its IPO against the backdrop of investors' appetite.
Of the increased IPO portion, 0.5 per cent has been kept for the Marico employees.
Beginning operation in Bangladesh in 2002, its share price was fixed at Tk 90 a share with the face value of Tk 10 and premium Tk 80.
MBL, which operates in consumer products market with top brands Parachute, Aromatic and Camelia, generated a turnover of Tk 2658 million for the 12 months ended September 2008, with a net profit of Tk 267 million.
Apart from India and Bangladesh, Marico's products are present in other South Asian countries, the Middle East, Egypt and South Africa.
Marico is a leading FMCG company in India.
Its subscription opened on August 2, and closed on August 6 for resident Bangladeshis and on August 16 for non-resident Bangladeshis.
Share trading of the Marico Bangladesh Limited (MBL), a subsidiary of the Mumbai-based group, will make debut tomorrow (Wednesday) in country's both the bourses-- Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE), sources in the bourses said.
Initially, the company got permission to float five per cent or 1,492,100 ordinary shares to raise funds to the tune of Tk 135 million from stock market to pay the loan owned to the several local banks.
Later, it doubled its initial public offering (IPO) from five per cent to 10 per cent of the company's paid up capital under the scheme of 'Green Shoe' as it applied to the Securities and Exchange Commission to get permission for increase its IPO against the backdrop of investors' appetite.
Of the increased IPO portion, 0.5 per cent has been kept for the Marico employees.
Beginning operation in Bangladesh in 2002, its share price was fixed at Tk 90 a share with the face value of Tk 10 and premium Tk 80.
MBL, which operates in consumer products market with top brands Parachute, Aromatic and Camelia, generated a turnover of Tk 2658 million for the 12 months ended September 2008, with a net profit of Tk 267 million.
Apart from India and Bangladesh, Marico's products are present in other South Asian countries, the Middle East, Egypt and South Africa.
Marico is a leading FMCG company in India.
Its subscription opened on August 2, and closed on August 6 for resident Bangladeshis and on August 16 for non-resident Bangladeshis.