The Securities and Exchange Commission (SEC) at a meeting yesterday gave its consent to Bextex, the new name of four merged textile units of Beximco Group, to issue up to 10 crore ordinary shares of Tk 10 each underlying up to 10 crore GDRs at up to 50 cent each.

The price of each share will be determined through book building method and will be traded on the market.

Earlier, Beximco Pharmaceuticals raised Tk 142 crore in October last year and £ 6.5 in June this year through GDRs from London Stock Exchange.

As part of its restructuring plan and new growth strategy, the Beximco Group in June this year merged its four textile units -- Padma Textile, Beximco Textiles, Beximco Denims and Beximco Knitting -- into one.

BRAC Bank IPO gets SEC nod
The capital market watchdog also approved the initial public offering (IPO) application of BRAC Bank Ltd to raise a total of Tk 85 crore from the capital market.

BRAC Bank will float 50 lakh shares of Tk 100 each with a premium of Tk 70 to raise the total amount. Presently, paid up capital of the bank stood at Tk 50 crore while earning per share of the bank is 62 per cent.

At the meeting the commission also decided that the non-banking financial institutions (NBFIs) can offload their shares on the stock exchanges only through IPOs.