Daily Sun-February 02,2012 Thursday
The Securities and Exchange Commission (SEC) has approved the rights offer of LankaBangla Finance Ltd to go public to raise a fund of Tk 823.49 million.
The approval came on Tuesday at a SEC meeting with its chairman professor M Khairul Hossain in the chair. The company will offer over 823.51 million ordinary shares of Tk 10 each at a ratio of 1:1, meaning one rights share for one existing share.
There will be no premium for the rights offer.
The company has informed that the objective behind issuance of right shares is to strengthen the capital base of the company to comply with capital adequacy requirement in line with BASEL-II. The proceeds to be received from right issue will be invested to increase the lending portfolio as well as to pay off high cost borrowings.
The approval came on Tuesday at a SEC meeting with its chairman professor M Khairul Hossain in the chair. The company will offer over 823.51 million ordinary shares of Tk 10 each at a ratio of 1:1, meaning one rights share for one existing share.
There will be no premium for the rights offer.
The company has informed that the objective behind issuance of right shares is to strengthen the capital base of the company to comply with capital adequacy requirement in line with BASEL-II. The proceeds to be received from right issue will be invested to increase the lending portfolio as well as to pay off high cost borrowings.
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