Midland Bank calls meeting to change IPO fund utilisation
Stocks
Midland Bank Limited called an extra general meeting (EGM) to get the shareholders' approval for changing the utilization proceeds of the IPO fund.
The bank, in a disclosure on the Dhaka Stock Exchange (DSE), said it wants to invest Tk46.73 lakh of the IPO fund in government securities. This money was earmarked for IPO expenses.
The bank official said the bank was allocated Tk3.89 crore from the IPO fund to meet the IPO expenses. But not all of this money was spent.
Besides, the bank also decided to change its name to Midland Bank PLC.
For the shareholders' approval, the bank will conduct the EGM on 29 October, and the record date is 19 September for the EGM.
Earlier, in September last year, the Bangladesh Securities and Exchange Commission (BSEC) had allowed the bank to raise Tk70 crore from the capital market with an initial public offering (IPO).
The bank issued 7 crore shares at a face value of Tk10 each.
Of the IPO fund, the bank invested over Tk61 crore in Treasury bonds and bills, and Tk5 crore in the listed 'A' category securities.
On Monday, its share price dropped by 2.24% to Tk13.10 each at the DSE.
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