Home ›› 07 Jul 2022 ›› Stock
The Bangladesh Securities and Exchange Commission (BSEC) on Wednesday approved the Chartered Life Insurance Company Limited’s proposal to raise Tk 15 crore from the capital market through an initial public offering (IPO).
The approval came at a commission meeting, said a BSEC statement on Wednesday.
As per the regulatory approval, the life insurance company will issue 1.5 crore ordinary shares at a face value of Tk 10 each under the fixed price method.
Along with bearing the IPO expense, the company will invest the IPO proceeds in government Treasury bonds, fixed deposit receipts (FDR), and capital markets.
According to the financial statement of the insurance company that ended on December 31, 2021, its life insurance fund is Tk 35.21 crore.
The company is not allowed to declare, approve or disburse any dividend before listing on the stock market, as per BSEC conditions.
AAA Finance and Investment Limited Trust Bank Investment Limited, and AB Investment Limited are the issue manager of the company’s IPO.
Chartered Life is a fourth-generation life insurance company, established on July 29, 2013.
At the end of 2020, the company had 110 permanent employees and more than 3000 development employees.
According to the financial statement of the company ended on December 31, 2021, its earnings per share (EPS) were Tk 0.20, net asset value (NAV) per share Tk 12.08.
It’s paid-up capital Tk 22.50crore. The insurance company’s major services are- Life Insurance, health Insuranc, hospitalization coverage, maternity Coverage and outpatient coverage.
