The Bangladesh Securities and Exchange Commission on Monday approved a proposal by ACME Pesticides Limited to raise Tk 30 crore on the capital market through an initial public offering.
The company will launch three crore shares at an issue price of Tk 10 each.
A BSEC meeting, chaired by its chairman Shibli Rubayat-Ul-Islam, approved the IPO proposal made by ACME Pesticides, according to a BSEC press release.
The company will use the IPO fund to build factories, install electrical machinery, purchase new machinery, repay bank loans and cover IPO expenses.
According to the entity’s audited financial statements for the first quarter ended September 30, 2020, ACME’s net asset value per share (NAV without revaluation) and earnings per share were 16.84 Tk and 0.48 Tk, respectively.
The company cannot declare a premium dividend for four years after the start of the stock market listing.
Shahjalal Equity Management Limited is the manager of the company’s IPO issues.
BSEC at the meeting enabled Thengamara Mohila Sabuj Sangha to issue zero coupon Women’s Empowerment Bonds worth Tk 173.45 crore.
The total face value of the bond is Tk 200.1 crore. The discounted rate of the bond is 7.5 percent.
The face value of each unit of the bond is 10 lakh Tk.
Only companies, financial institutions and other eligible investors will be allowed to purchase the bonds through a private placement.
MTB Capital Limited is the Trustee and Eastern Bank Limited is the Arranger of the Bond.