Midland Bank to raise Tk 700m through IPO

Midland Bank Limited (MDB) obtained approval from its regulator, Bangladesh Bank, to raise Tk. 700 million from the stock market through Initial Public Offering (IPO), which is required as per its licensing terms.

The IPO is subject to approval from the securities regulator, Bangladesh Securities and Exchange Commission. The bank appointed LankaBangla Investments Limited (LBIL) as Issue Manager and signed an agreement on Monday at its head office in the city.

It has a special allocation of Tk 50 million for all its staff, under the bank's Employee Share Purchase Plan. The bank wants to encourage employee ownership, to build an ownership culture. The bank will eventually be required to raise further capital equivalent to its paid up capital through repeat IPO, as per directive of Bangladesh Bank.

Md. Ahsan-uz Zaman, Managing Director and CEO of Midland Bank Limited and Iftekhar Alam, CEO of LankaBangla Investments Limited signed the agreement on behalf of their respective organisations.

Mohammed Nasir Uddin Chowdhury, Managing Director, LankaBangla Securities Limited, Md. Zahirul Islam, FCA, Executive Vice President & CFO, Nazmul Ahsan CFA, Senior Assistant Vice President & Head of Treasury and Khalid Mohammad Sharif FCS, Senior Assistant Vice President & Company Secretary of Midland Bank Limited along with other high officials of the organisations were present in the signing ceremony.