Sonali Bank seeks to issue 40 million shares

FE Report | Published: December 02, 2018 10:00:37 | Updated: December 04, 2018 12:42:51

— Collected

The state-run Sonali Bank wants to increase its paid-up capital to Tk 45.30 billion to urgently meet its capital shortage, officials said.

In November last, Sonali Bank Limited (SBL) general manager Md Ataur Rahman wrote to the Bangladesh Securities and Exchange Commission (BSEC) in this regard.

The largest state-owned bank has sought to issue 40 million shares at a price of Tk 100 each in favour of the government. It has also sought approval to use Tk 4.0 billion as paid-up capital to meet its huge capital shortfall.

Currently, the paid-up capital of the bank is Tk 41.30 billion. Its authorised capital stands at Tk 60 billion now, a senior SBL official said.

He said the bank needs to strengthen its capital base and maintain minimum capital requirements in line with the Basel-III banking guideline.

"We've sought to issue shares worth Tk 4.0 billion from the BSEC recently," he also mentioned.

When contacted, a high official of the BSEC said, "We've received a proposal made by the SBL for issuing shares."

The state-owned bank has been providing services to its clients through 1,212 branches at home and abroad. The number of account-holders in the bank is 17 million.


Share if you like