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Capital market regulator Bangladesh Securities and Exchange Commission (BSEC) has approved the issue of preference shares of Tk 2,505.40 crore of Power Grid Company of Bangladesh Limited listed in the capital market.
This approval was given in the commission meeting held on Sunday under the chairmanship of Professor Shibli Rubaiyat Ul Islam, chairman of BSEC. BSEC Executive Director and Spokesperson Mohammad Rezaul Karim gave this information after the commission meeting.
He said in view of Power Grid's application, according to the audited annual report of the fiscal year 2022-23, the offer of 250 crore 54 lakh 4 thousand 976 non-cumulative preference shares of Tk 10 face value against share money deposits has been approved.
As such, the value of the preference shares approved stood at Tk 2,505 crore 40 lakh 49 thousand 760. These preference shares will be issued in favour of the Secretary of the Power Division of the Ministry of Power, Energy and Mineral Resources. These preference shares shall not form part of the ordinary share paid-up capital of the company.
Meanwhile, BSEC has approved the draft prospectus of two open-ended mutual funds. The two funds are IDLC Citizen SDG Fund and CWT High Income Fund.
The initial target of the IDLC Citizen SDG Fund is Tk 25 crore. Out of this, the entrepreneur IDLC Asset Management Company Limited has paid Tk 2.50 crore. The remaining Tk 22.50 crore will be open to general investors. The face value per unit of the fund is Tk 10.
IDLC Asset Management Company Limited is acting as the asset manager of the fund. Sandhani Life Insurance Company Limited and BRAC Bank Limited are acting as Trustee and Custodian of the fund respectively.
Besides, the initial target of CWT High Income Fund has been fixed at Tk 25 crore. Out of this, the entrepreneur CWT Asset Management Company Limited has paid Tk 2.50 crore. The remaining Tk 22.50 crore will be open to general investors. The face value per unit of the fund is Tk 10.
CWT Asset Management Company Limited is acting as the fund's asset manager. Sandhani Life Insurance Company Limited and Commercial Bank of Ceylon Plc are acting as Trustee and Custodian of the Fund, respectively.
Messenger/Fameema
