Public subscription of Far East Knitting from today
FE Report | Sunday, 15 June 2014
The public subscription of the Far East Knitting and Dyeing Industries (FEKDI) will start today (Sunday) for raising a fund of Tk 675 million under the fixed price method, officials said.
The subscription period for the resident Bangladeshis will be from June 15 to June 19, 2014.
On the other hand, the non-resident Bangladeshis (NRBs) will be allowed to apply for the shares of the FEKDI from June 15 to June 28 this year.
The Bangladesh Securities and Exchange Commission (BSEC) approved the IPO (initial public offering) proposal of the FEKDI on March 25, 2014.
The company will offload 25 million ordinary shares at an offer price of Tk 27, including a premium of Tk 17 for each Tk 10 share.
The Tk 675 million fund, which will be raised through public subscription, will be used for the purpose of BMRE (balancing, modernisation, rehabilitation and expansion) and repayment of term loans.
As per the financial statement for the year ended on June 30, 2013 and audited financial statement of previous five years, the company's weighted average earning per share (EPS) and the re-valued net asset value (NAV) are of Tk 3.28 and Tk 19.08 respectively.
The IDLC Investments Limited has been appointed the issue manager to the FEKDI.