Business Desk :
Bangladesh Securities and Exchange Commission (BSEC) has given go-ahead to Meghna Insurance to raise Tk 16 crore from the stock market.
The approval came in a meeting on Tuesday held at the commission building chaired by its chairman, Prof Shibli Rubayat-Ul Islam.
The insurer would issue 1.6 crore shares at face-value of Tk 10. With the IPO proceeds, the insurance company will increase the investment in the stock market, buy government securities and keep a portion of the amount as fixed deposit.
Net asset value per share of the company was Tk 16.41 in the last financial year and its weighted average earnings per share in the last five years was Tk 0.56. The issue manager of the IPO is Asian Tiger Capital Partners Investments, Prime Bank Investment and UCB Investment.
