Bangladesh National Insurance Company IPO Approved by Bangladesh Securities Exchange Commission (BSEC) today 12th May 2015 approved the initial public offering of Bangladesh National Insurance Company Ltd to raise fund by issuing 1 crore 77 lacs ordinary shares at offer value 10 taka (without premium). National Insurance will withdraw total 17 cores 70 lacks taka from the general public.
The decision was taken at a 542th regular meeting of the commission chaired by its chairman Mr. Khairul Hossain. Bangladesh National Insurance Company Ltd (BNIC) will use the IPO money for repayment of bank loans, business expansion, to met up working capital requirements and IPO expenses.
The earring per share (EPS) of Bangladesh National Insurance Company=1.07/- and net asset value (NAV)=15.65 as latest financial statement of BNICL.
This company will collect IPO money through BSCEC new rules, i.e Broker House should collect IPO money only. This is the second company which will follow the new rules. This rules is-Investor should submit their IPO application through respective Broker House only, no Bank.
Prime Finance Capital Management will acct as a issue manager of this IPO.
About Bangladesh National Insurance Company Ltd:
Bangladesh National Insurance Co. Ltd. (BNIC) is a leading general insurance company in Bangladesh. The Company was incorporated on 8th April 1996 as public limited company under the companies act 94 and licensed under Insurance Act, 1938 to run all types of general insurance business other than life insurance business. It has certificate of commencement of business on 08 April, 1996 along with an authorized and paid up capital of capital of 250 taka million and Tk. 60 million respectively. It was registered with the Department of Insurance on May 25, 1996 with the prime maxim “A key to Protection”
Registration Office & Head Office
68, Motijheel C/A (Level-15)
Phone : (PABX) 9573481-8, Fax : 88-02-9555704.
Nature of Business: All Kinds of General Insurance Business
Bangladesh National Insurance Company IPO Approved:
Name: Bangladesh National Insurance Company Ltd.
Market lot: 500
Per share: 10/=
Total taka: 5,000/= for each lot
Total Share 1 crore 77 lac
EPS: 1.07 Tk
NAV: 15.65 Tk
Total Lots=35,400 lots
General public (60%):- 21,240 Lots.
Affected public (20%):- 7,080 Lots.
NRB (10%) :- 3,540 Lots
Mutual fund (10%):- 3,540 Lots.
Issue Manager: Prime Finance Capital management Ltd.
Bangladesh National Insurance Insurance Company Ltd (BNICL) IPO Subscription:
Subscription date, IPO application and Bankers to the Issue will be available here.