Home ›› 12 Aug 2021 ›› Stock
The Bangladesh Securities and Exchange Commission has approved the initial public offering (IPO) of Sena Kalyan Insurance Company Ltd, a new generation insurance company.
The approval came from the commission’s 786th meeting held in Dhaka on Wednesday with BSEC chairman Shibli Rubayat Ul Islam in the chair.
Sena Kalyan Insurance, a concern of Sena Kalyan Sangstha (SKS), under the Bangladesh Armed Forces, will raise Tk 16 crore fund by issuing 1.6 crore ordinary shares at a face value of Tk 10 each.
The company will spend the IPO fund on fixed deposits, stock market investments, floor purchases, and IPO costs.
According to the financial statement of the company ended on December 31, 2020, its earnings per share (EPS) was Tk 3.93 while net asset value (NAV) was Tk 21.09. As per BSEC rules, the insurance company can’t declare and disburse any dividend and before listed on the bourses.
In the meeting, the commission also decided to cancel investors’ applications and cut 7.5 per cent instead of 15 per cent of the amount applied for the IPO of Sonali Life Insurance against a bank account.
Such applications will never be accepted in the future, BSEC warned the investors.
