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Bangladesh Securities and Exchange Commission (BSEC) has allowed Star Adhesive Ltd to raise Tk 15 crore via Qualified Investor Offer (QIO) as a small and medium enterprise.
The fund raised by the company will be spent on factory construction, bank loan repayment, working capital and meeting QIO costs, said the regulator in a statement on Tuesday.
The company’s offer value is Tk 10 each share, said the statement.
Its earnings per share stood at Tk 6.05 and NAV without revaluation reserve Tk 12.56, according to its financial statement ended on July 31, 2020.
An individual investor having an investment of a minimum Tk 1 crore in the listed securities will be considered a qualified investor.
The qualified investors include merchant bankers, asset management companies, banks, financial institutions, insurance companies, mutual funds, and alternative investment fund managers, resident or non-resident Bangladeshis.
The equity shares will be listed on the stock exchanges which set SME platforms in line with the BSEC rules framed in November 2018 to allow SMEs to raise funds from eligible investors.
The company will not be allowed to issue bonus shares in three years from the date of share trading as per rules.
According to the BSEC (Qualified Investor Offer by Small Capital Companies) Rules, a small company’s paid-up capital will be maximum Tk 5 crore and would not exceed Tk 30 crore after raising capital through QIO.
