Trust Islami Life Insurance to raise Tk 160m through IPO
Trust Islami Life Insurance is set to raise Tk 160 million from the primary market by floating an IPO (initial public offering) under fixed price method.
The Bangladesh Securities and Exchange Commission (BSEC) on Wednesday approved the IPO proposal at a meeting held at its office in the capital.
As per the regulatory approval, the company will issue 16 million ordinary shares at Tk 10 each.
The IPO fund will be utilised to invest in treasury bonds, in stocks and FDR (fixed deposit receipt) apart from bearing the IPO expenses, said a release issued by the securities regulator.
The company had a surplus fund of Tk 7.32 million at the end of June 2022 as per the actuarial valuation report.
BMSL Investment is working as the issue manager of Trust Islami Life Insurance.
The company will not be allowed to recommend, approve or distribute any dividend before its listing on the bourses.
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