Dhaka, Bangladesh (BBN) - The Securities and Exchange Commission (SEC) has approved the IPO (initial public offering) proposal of Envoy Textiles to raise BDT 900 million from public.

The approval came at the stock market regulator's meeting, held at its office in Dhaka with SEC Chairman M Khairul Hossain in the chair.

Under the approval, Envoy Textiles will offload 30 million ordinary shares at an offer price of BDT 30, including a premium of BDT 20 for each share of ten taka.

The company will raise a fund worth BDT 900 million through the IPO with an aim to purchase machinery, utilize as working capital and bear the cost of IPO proceedings.

As per the audited financial statement for the year 2010-2011, the company's basic earning per share (EPS) is BDT 4.42. 

LankaBangla Investment and ICB Capital Management have been appointed as issue managers of Envoy Textiles.

 

BBN/SSR/AD-05June12-12:32 pm (BST)