In effect, Marico Bangladesh Limited (MBL), a subsidiary of Marico, has received the approval of the Bangladesh Securities & Exchange Commission (SEC) to its proposal to make an IPO in Bangladesh. Accordingly, it will issue 14, 92,100 ordinary shares (which is equivalent to 5 per cent of MBL’s equity) thereby raising Taka 135 Million.
Use of proceeds
The IPO has been proposed at a price of Taka 90 per share of the face value of Taka 10. It is scheduled to open in August 2009 and will be listed on two major bourses of Bangladesh – Dhaka Stock Exchange and Chittagong Stock Exchange – later this year. The proceeds of the IPO will be used to strengthen MBL’s financials to enable continued growth.
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