Marico doubles IPO
Thursday, 6 August 2009
FE Report
Marico Bangladesh Limited (MBL), a subsidiary of the Mumbai-based group, doubled its initial public offering (IPO) from five per cent to 10 per cent of it's paid up capital as it received approval from the securities regulator Wednesday.
The company received the approval under the sheme of Green Shoe, which is the first case in Bangladesh.
The company, earlier, 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 markets to pay the loan owed to the several local banks.
Of the increased IPO portion, 0.5 per cent will be kept for the Marico employees.
The Securities and Exchange Commission (SEC) in its regular meeting held Wednesday has also approved extension of subscription date, which was scheduled to end today (Thursday), for two more days.
The company applied to the commission to get permission to increase its IPO against the backdrop of investors' appetite.
Its existing paid up capital is Tk 280 million. The value of the share was fixed at Tk 90 a share with the face value of Tk 10 and premium Tk 80.
"The permission was given under the scheme of 'Green Shoe' to bolster supply side in the market," said an official of the SEC. The scheme is the first in Bangaldeh, he added.
Beginning operation in Bangladesh in 2002, 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 Bangladesh Limited (MBL), a subsidiary of the Mumbai-based group, doubled its initial public offering (IPO) from five per cent to 10 per cent of it's paid up capital as it received approval from the securities regulator Wednesday.
The company received the approval under the sheme of Green Shoe, which is the first case in Bangladesh.
The company, earlier, 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 markets to pay the loan owed to the several local banks.
Of the increased IPO portion, 0.5 per cent will be kept for the Marico employees.
The Securities and Exchange Commission (SEC) in its regular meeting held Wednesday has also approved extension of subscription date, which was scheduled to end today (Thursday), for two more days.
The company applied to the commission to get permission to increase its IPO against the backdrop of investors' appetite.
Its existing paid up capital is Tk 280 million. The value of the share was fixed at Tk 90 a share with the face value of Tk 10 and premium Tk 80.
"The permission was given under the scheme of 'Green Shoe' to bolster supply side in the market," said an official of the SEC. The scheme is the first in Bangaldeh, he added.
Beginning operation in Bangladesh in 2002, 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.