Rights subscription of IFIC Bank to begin May 31 - Share market analysis of dhaka stock exchange, Bangladesh

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28 March, 2017 10:26 AM Source: The Financial Express Bangladesh

Rights subscription of IFIC Bank will begin on May 31, which will be raised nearly Tk 5.64 billion through rights issuance, officials said.


The rights issue is an offer of new shares by a company to its existing shareholders in proportion to the shares they already own and usually at a discount to market price.


The bank’s rights subscription will be continued till June 29.


The record date for entitlement of rights share of IFIC Bank is on April 12, 2017.


On March 16, the Bangladesh Securities and Exchange Commission (BSEC) approved IFIC Bank’s application to raise nearly Tk 5.64 billion through rights issue.


The bank will issue one rights share for one existing share at par.


The bank, which was listed on the Dhaka bourse in 1986, will issue above 563 million rights shares of Tk 10 each without premium to strengthen capital base as per the requirement of Basel-III.


Basel III is a comprehensive set of reform measures developed by the Basel Committee on Banking Supervision to strengthen regulation and supervision and reduce risks of the banking sector globally.


ICB Capital Management Limited is acting as the issue manager.


At the Dhaka Stock Exchange (DSE), the bank’s share price closed at Tk 31.40 on Thursday.


In nine months for January-September 2016 period, consolidated earnings per share (EPS) stood at Tk 2.10 as against Tk 1.72 for January-September, 2015.


IFIC Bank, which was listed on the Dhaka bourse in 1986, disbursed 12 per cent stock dividend for the year ended on December 31, 2015.


The bank’s paid-up capital is nearly Tk 5.64 billion and authorised capital is Tk 20 billion, while the total number of securities is 563,821,907. The bank’s total market cap stood at Tk 17.82 billion as on Thursday.


The sponsor-directors own 8.48 per cent stake in IFIC, while the government owns 32.75 per cent, institutional investors 23.21 per cent, foreign investors 1.08 per cent and the general public 34.48 per cent as of February 28, 2017, the DSE data shows. 

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