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Midland Bank will invest its remaining IPO fund of Tk 46.74 million in government securities in November.
The investment plan goes in line with the lender's initial public offering (IPO) proposal earlier approved by the securities regulator.
The bank will seek approval of general shareholders at an extra-ordinary general meeting (EGM) scheduled for October 30 before transferring the fund to purchase government securities.
Midland Bank raised Tk 700 million in March under the fixed price method.
As per the IPO prospectus, the company was supposed to invest Tk 611.01 million in government securities, such as Treasury bills and Treasury bonds.
Another Tk 50 million was to spend in purchasing shares of 'A' category listed companies, while the remaining Tk 38.90 million to bear IPO expenses.
Of the allocation for government securities, Tk 46.74 has remained unused.
At the EGM, the company will also place an agenda of changing its registered name to Midland Bank PLC from Midland Bank Ltd.
After the listing, the company's share price exhibited ups and downs and peaked at Tk 17.90 on July 19.
The price then gradually fell to Tk 11.90 by August 16. The stock closed at Tk 13.10 on Monday.
Recently, the bank approved a proposal for joining a consortium of commercial banks to become a sponsor shareholder of the proposed digital bank, Digi10 Bank PLC, by investing Tk 125 million.
The company reported EPS of Tk. 0.36 for January-June 2023, increased from Tk. 0.15 for the same period of the previous year.
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