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IPO of Shurwid Industries & rights of Delta Spinners approved

Sec-bd-logoThe securities regulator has approved the IPO (initial public offer) proposal of Shurwid Industries and the rights of Delta Spinners, officials said.

The regulator has also slapped fine worth Tk 1.2 million on two brokerage firms breaching securities.

The decisions came Tuesday at a commission meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).

As per the regulatory decision, the Shurwid Industries will offload 14 million ordinary shares at an offer price of Tk 10 each to raise a fund worth Tk 140 million.

As per the financial statement for the year ended on June 30, 2013 the earning per share (EPS) and net asset value (NAV) of Shurwid Industries are of Tk 1.09 and Tk 14.11 respectively.

ICB Capital Management has been appointed the company’s issue manager.

The Delta Spinners will offer two rights shares against one existing share at an offer price of Tk 10 each to raise a fund worth above Tk 917.25 million for the purpose of BMRE and partial repayment of long term lease/long term loans.

Sylhet Metro City Securities will have to pay a penalty worth Tk 1.0 million for breaching securities rules by providing margin loans against non-margin accounts and executing short selling.

The BSEC has also fined Eastern Shares and Securities Tk 0.2 million for breaching margin rules.

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Source: Financial Express

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