Apollo Ispat IPO gets a go-ahead | The Daily Star
12:00 AM, December 14, 2012 / LAST MODIFIED: 12:00 AM, December 14, 2012

Apollo Ispat IPO gets a go-ahead

SEC fines nine stockbrokers Tk 15 lakh

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The Securities and Exchange Commission yesterday approved the IPO prospectus of Apollo Ispat that will raise Tk 220 crore from public.
The stockmarket regulator also fined nine stockbrokers Tk 15 lakh for breaching securities rules in share trading.
The decisions on the IPO (initial public offering) approval and the regulatory actions came at a meeting of the SEC with its Chairman M Khairul Hossain in the chair, according to a statement.
Using a 'fixed price' method, Apollo Ispat will issue 10 crore ordinary shares of Tk 10 each at an offer price of Tk 22 each, including Tk 12 as premium per share.
The company's earnings-per share was Tk 2.36 as of June 2012, while the net asset value per share was Tk 22.59.
The IPO subscription will begin in March.
The SEC imposed a Tk 2-lakh fine each on Island Securities, Salta Capital, Associated Capital Securities, Reliance Securities Consultant and LankaBangla Securities -- all members of the Chittagong Stock Exchange.
The stockbrokers violated securities rules in trading of Quasem Drycells shares.
GMF Securities, a member of the Dhaka Stock Exchange, was fined Tk 1 lakh, as it violated rules while trading the shares of Paramount Insurance and Global Insurance.
The SEC imposed a Tk 1-lakh fine on PHP Stocks and Securities on charges of 'short selling' from the codes of two clients.
AB Securities was fined Tk 1 lakh as it breached rules through aggressive sales.
International Leasing Securities faced a penalty of Tk 2 lakh as it provided credit against non-marginable shares.
The watchdog also decided to cancel an authorised representative certificate of Noveli Securities. The DSE member transferred Singer-Bangladesh's shares to its own portfolio before the record date, and then transferred the shares to the clients' portfolio after record date that was a violation of securities rules.
At yesterday's meeting, the SEC approved a prospectus of Rupali Life Insurance First Mutual Fund, which will be a Tk 50-crore open-ended investment fund. Of the Tk 50 crore, Tk 25 crore will be kept for general investors. The face value of each unit of the fund will be Tk 10.
The SEC also approved a trust deed and investment management agreement of closed-end mutual fund -- Rock NRB Balanced Fund.

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