Sena Kalyan Insurance Company (SKICL) has decided to commence the IPO subscription on October 3
On the other hand, the IPO subscription of the general insurer, a concern of Sena Kalyan Sangstha (SKS) of Bangladesh Armed Forces, will be continued until October 7.
Bangladesh Securities and Exchange Commission (BSEC) approved the company’s IPO proposal on August 11 to raise Tk 160 million under the fixed -price method.
The insurer will issue 16 million ordinary shares at an offer price of Tk 10 each to raise the said amount.
Institutional investors with a minimum of Tk 10 million investments in stocks can subscribe to the shares. Meanwhile, The general insurance company will not be able to declare, approve and distribute dividends before its listing on the bourses, as per the BSEC condition.
The company aims to proceed with an IPO for purchasing government securities, buying listed securities, investing in FDR in banks, buying office space and bearing the IPO expenses.
AAA Finance & Investment is the issue manager of the Sena Kalyan Insurance Company’s IPO.
Source: The Financial Express