Home ›› 03 Apr 2023 ›› Stock
The subscription to the initial public offering (IPO) of Trust Islami Life Insurance will begin today and continue till April 9. The insurer is set to raise a fund of Tk 16 crore from the capital market under the fixed price method.
The company plans to use the IPO proceeds to buy government treasury bonds worth Tk 3.64 crore, invest in the secondary stock market of Tk 3.04 crore, and buy fixed deposit receipts of Tk 8.5 crore. The remaining amount will cover the IPO expenses.
The life insurers received regulatory approval from the Bangladesh Securities and Exchange Commission (BSEC) on January 25 to go public. The the company will issue 1.6 crore ordinary shares at a face value of Tk 10 each.
The authorised capital of the life insurer is Tk 100 crore, and the pre-IPO paid-up capital is Tk 24 crore. However, the company is not allowed to declare, approve, or distribute any dividends before listing with the stock exchanges, as per the BSEC condition.
Established in February 2014, Trust Islami Life Insurance is engaged in life insurance, group insurance, and micro-insurance businesses in Bangladesh.
