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BSEC approves draft prospectus of Constellation Fund, rights of IPDC

JMI Syringes & Medical Devices will issue 11.10 million shares to Nipro Corporation


FE Report | Published: May 30, 2019 10:52:28 | Updated: June 01, 2019 10:50:28


The securities regulator has approved the draft prospectus of Constellation Unit Fund and the rights of IPDC Finance.

The approvals came on Wednesday at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).

At Tuesday's meeting, the securities regulator also approved the proposal of raising capital by JMI Syringes & Medical Devices issuing 11.10 million shares to Nipro Corporation, Japan.

As per the BSEC approval, the initial size of Constellation Unit Fund will be Tk 100 million.

Constellation Asset Management will contribute Tk 10 million and remaining Tk 90 million will be collected through sales of units.

Meanwhile, IPDC Finance has been allowed to raise a capital worth above Tk 1.41 billion through rights offer to accelerate the company's investment activities such as retail, corporate and SME loans.

To raise the said amount of capital, the company will issue one right share against two existing shares at an offer price of Tk 12 each, including a premium of Tk 2.0.

As per another BSEC approval, JMI Syringes & Medical Devices will issue 11.10 million shares to Nipro Corporation, Japan through private offer.

For the sake of general investors, five-year lock-in will be imposed on the shares to be issued to the Nipro Corporation.

And the sponsors and current directors of the issuer company will also not be allowed to sell their shares held at the company within next five years.

Since its foundation in 1954, the NIPRO Corporation has expanded the scope of its business from gall materials to medical devices and pharmaceutical products in pursuit of technological innovation, according to NIPRO's website.

mufazzal.fe@gmail.com

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