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The board of directors of IFIC Bank has decided to issue rights shares to raise paid-up capital and to meet future capital requirement, said an official disclosure on Thursday.
The rights issue is an offer of new shares by a company to its existing shareholders in proportion to the shares they already own and usually at a discount to market price.
The board has decided to offer one rights share for existing one share with an issue price of Tk 10 per share, said the disclosure.
The bank will issue rights shares after considering bonus shares for stock dividend subject to the approval of the shareholders in the extraordinary general meeting (EGM), the Bangladesh Securities and Exchange Commission (BSEC) and other regulatory authorities.
The board the IFIC Bank has also decided to hold annual general meeting (AGM) on July 04 instead of earlier declared date on June 29 at 11:00am in the previous declared venue. The record date for AGM will remain unchanged.
The board has also decided to hold an extraordinary ordinary general meeting (EGM) to raise the authorised capital from Tk 20 billion to Tk 40 billion by way of making amendments in the relevant clauses of Memorandum and Articles of Association.
The date of EGM is on July 04 at 10:30am and Officers’ Club, 26, Bailey Road, Ramna, Dhaka respectively.
The record date for EGM is June 12.
Another record date will be declared after obtaining approval from the BSEC.
There will be no price limit on the trading of the shares of the bank today (Thursday) following its corporate declaration.
Each share of the bank, which was listed on the DSE in 1986, closed at Tk 11.60 on Wednesday.
The bank’s share traded between Tk 10.20 and Tk 16.40 in the last one year.
The bank has recommended 10 per cent stock dividend for the year ended on December 31, 2018.
The bank’s paid-up capital is Tk 13.38 billion, authorised capital is Tk 20 billion and the total number of securities is 1.33 billion.
The sponsor-directors own 8.33 per cent stake in the company, while the government owns 32.75 per cent, institutional investors 20.44 per cent, foreign investors 1.85 per cent and the general public 36.63 per cent as of March 31, 2019.