The Bangladesh Securities and Exchange Commission (BSEC) has approved Rupali Bank PLC’s proposal to issue new shares worth nearly Tk 680 crore to strengthen its capital base.
The listed state-owned bank disclosed the approval through the Dhaka Stock Exchange (DSE) on Monday.
Rupali Bank had first announced its intention to issue the shares through the DSE on June 30 last year and subsequently sought regulatory approval from the BSEC. The securities regulator formally granted its consent in a letter issued on Sunday.
Under the approval, the bank will issue 453.33 million ordinary shares in favour of the Government of Bangladesh, represented by the Secretary of the Finance Division of the Ministry of Finance, against government equity.
The issue price has been set at Tk 15 per share, comprising a Tk 10 face value and a Tk 5 premium.
Through the share issue, Rupali Bank is expected to raise approximately Tk 679.99 crore, which will increase its paid-up capital.
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