The nation’s second-largest telecom operator and newly listed company in the stock exchanges, Robi Axiata Limited, has requested the Bangladesh Securities and Exchange Commission to allow it to revise its plan for the utilisation of initial public offering proceeds.
The company, on August 16, sent a letter to the BSEC for approval for an amendment to IPO utilisation, an extension of time and IPO fund utilisation and waiver from the condition in the IPO consent letter.
Based on the letter to the BSEC, from the IPO proceeds of Tk 523.79 crore, the company used Tk 355.76 crore in network expansion and Tk 7.39 crore in IPO expenses, and the amount is 69 per cent of total IPO proceeds.
In line with the IPO prospectus, the company had the intention to use Tk 515.77 crore in network expansion and Tk 8.02 crore in IPO related expenses.
Based on the letter, Robi urged the BSEC to extend the timeframe for the utilisation of IPO proceeds till June 30, 2022.