Information Technology Consultants gets IPO nod

Bangladesh Securities and Exchange Commission yesterday gave the nod to Information Technology Consultants (ITC) to raise Tk 12 crore from public.

The Dhaka-based IT company is set to float 1.2 crore ordinary shares of Tk 10 each to raise the fund, which will be used for the company's business expansion and loan repayment purposes.

The company's earnings per share (EPS) as of June 2014 stood at Tk 1.04 with a net asset value per share of Tk 18.28. Betaone Investments will manage the initial public offering (IPO) of the company. The IPO approval came at a meeting presided over by Khairul Hossain, chairman of BSEC.

In another development, the BSEC took a decision to fine two listed companies and two stockbrokers for violating the securities rules. Each director of Appollo Ispat Complex was fined Tk 1 lakh, as the listed firm utilised an excess amount of Tk 58.12 crore for loan repayment through IPO proceedings.

As Dacca Dyeing Manufacturing Company violated securities rules while revaluating its assets, each director of the listed firm was fined Tk 2 lakh.

Globe Securities was fined Tk 10 lakh and Alpha Securities Tk 3 lakh. In another move, the BSEC formed a three-member panel to modify the Market Maker Rules of 2000. The regulator asked the body, headed by Md Mahbubul Alam, executive director of BSEC, to submit a report in 30 workdays.