Bangladesh Securities and Exchange Commission on Tuesday approved the initial public offering of Saif Powertec Limited to raise capital worth Tk 36 crore floating its 1.20 crore shares. BSEC approved the IPO at a regular meeting presided over by its chairman M Khairul Hossain.
A BSEC release issued in this regard said that Saif Powertec would use the IPO fund to implement its new battery project and to meet IPO expenses. The issue price of each share of the company has been set at Tk 30 including premium of Tk 20 against the face value of Tk 10 each share, it said. As per the last financial statement of the company ended on June 30, 2013, last five years’ weighted average earning per share of Saif Powertec stood at Tk 3.01, while revaluated net asset value per shares stood at Tk 24.29.
Source :: The New Age
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