The Bangladesh Securities and Exchange Commission (BSEC) has approved Rupali Bank’s proposal to raise nearly Tk 6.80 billion by issuing against funds received from the government as share money deposits.
In a disclosure to the Dhaka Stock Exchange (DSE) on Monday, the bank said the securities regulator had accorded its consent to issue 453.33 million ordinary shares at Tk 15 each.
The issue price comprises a face value of Tk 10 and a premium of Tk 5 per share, raising a total of Tk 6.80 billion.
The newly issued shares will be allotted to the government, represented by the Secretary of the Finance Division under the Ministry of Finance, against the government’s equity contribution to the bank.
The ordinary share issuance is poised to substantially boost the bank’s existing paid-up capital, as these shares will be added to the existing shares. Currently, the company has 488 million shares, which will rise to 941 million after the issuance of fresh shares.
Following the disclosure, Rupali Bank’s stock price surged 0.59 per cent to close at Tk 17.1 on Monday on the Dhaka Stock Exchange.
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