BSEC approves launching of two MFs

The Bangladesh Securities and Exchange Commission (BSEC) has approved draft prospectuses of two open-ended mutual funds.

It has also allowed Power Grid Company of Bangladesh to issue preference shares against share money deposits received from the government.

The approvals came on Sunday at a meeting held at the BSEC office. As per the regulatory approval, IDLC Nagorik SDG Fund has set an initial target of raising Tk 250 million by issuing units worth Tk 10 each.

As sponsor, IDLC Asset Management has contributed Tk 25 million and the remaining Tk 225 million will be collected from general investors.

The initial size of another open-ended fund namely CWT High Income Fund will also be Tk 250 million. CWT Asset Management Company is the sponsor of the fund and has contributed Tk 25 million. The remaining Tk 225 million will be collected from general investors through sales of units worth Tk 10 each.

Power Grid will issue over 2.50 billion irredeemable and non-cumulative preference shares worth Tk 10 each against share money deposits from the government.