The Bangladesh Securities and Exchange Commission on Wednesday approved the initial public offerings prospectus of Union Insurance Company Limited worth Tk 19.36 crore.
The decision came at a commission the meeting presided over by its Chairman Shibli Rubayat-Ul-Islam, a BSEC the press statement reads.
Under the fixed price method, Union Insurance will offload 19,360,904 ordinary shares worth Tk 10 each.
Net proceeds from the IPO will be used for investment in the capital market, FDR, purchasing office space and to meet IPO expenses.
According to the financial the statement ended on September 30, 2020, the company's net asset value (NAV) per share stood at Tk 16.02, while the weighted average of earnings per share (EPS) was Tk 0.93.
Sonar Bangla Capital Management Limited will act as the issue manager for the IPO process.
The stock market regulator also has approved the draft prospectus of the Shanta Fixed Income Fund.
The fund is the open-ended initial size of the fund will be Tk 10 crore.
The sponsor of the fund will contribute Tk 1 crore while the remaining Tk 9 crore will be collected from general investors through sales of fund units.
The face value of each unit of the fund has been fixed at Tk 10.
