Global Bank Islami gets regulatory nod to raise 4.25B taka in IPO

Global Islami Bank Ltd. received approval from the Bangladesh Securities and Exchange Commission to raise 4.25 billion taka through an initial public offering.

The lender will issue 425 million ordinary shares at 10 taka apiece under the fixed price method, according to the draft prospectus.

Proceeds of the public float will be used to invest in small and medium-sized enterprises, buy government securities, invest in listed securities and meet IPO expenses, the bank said.

Prime Bank Investment Ltd. and LankaBangla Investments Ltd. are the managers of the offer.

As of June 15, US$1 was equivalent to 84.90 Bangladeshi taka.