Business Desk :
Telecom operator Robi Axiata will revise its initial public offering (IPO) proceeds utilization plan and extend the project completion time-frame, the company said in a filing with the Dhaka Stock Exchange (DSE) on Thursday.
In this regard, the board of directors of Robi has decided to hold an extraordinary general meeting (EGM) on January 24 for approval from general shareholders. The record date is set on December 30, 2021.
On December 24 last year, Robi issued about 523 million ordinary shares worth Tk10 each and raised over Tk523 crore from a wide range of investors, including its own employees.
So far, Robi has used over Tk438 crore for network expansion and Tk7.57 crore in IPO expenses.
According to the IPO prospectus, the company intended to utilize over Tk515 crore for network expansion and Tk8.02 crore for IPO-related expenses. Moreover, the telecom operator was supposed to utilize the proceeds within six months of obtaining IPO funds.
Earlier on August 16, Robi Axiata requested the stock market regulator for approving an amendment to its IPO proceeds utilization plan and to extend the timeframe until June 30 next year.
