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PLCs with Tk50cr paid up capital must go for IPOs

SEC acts to bring more quality shares to market

Sarwar A Chowdhury
Public limited companies (PLCs) with a paid up capital ofTk 50 crore or more, and in commercial operations for three years will have to go for initial public offerings (IPOs) within one year.
However, if the public limited companies are not in commercial operations, they will have to float shares within three years after commercial operations.
The decisions were taken at a meeting of Securities and Exchange Commission (SEC) yesterday in a bid to increase the supply of quality shares to the
market.
A public limited company is entitled to have the number of share -holders from seven to unlimited, while a private limited company should have two to 50 shareholders.
After the meeting, SEC Executive Director Farhad Ahmed told journalists that through amending a previously served notification on IPO, the commis-. sion also withdrew the obligatory ratio of floating primary' shares. Previously, a public limited company had to offer primary shares valued at least one third of the company's paid up capital.
Now a public limited company
can itself fix the amount of primary shares it wants to offer, he said.
The commission also decided if the private companies' paid up capital reaches or exceeds Tk 40 crore for increasing their paid up capital, they will have to become public limited company within next six months.
The private limited companies whose paid up capital is already Tk40 crore or more will have to become public limited companies within one year, according to SEC decisions.
The SEC yesterday also decided to forfeit die primary shares of the upcoming listed companies if the shares could not be transferred to
the IPO winners’ Beneficiary Owners (BO) account.
Recently it was found diat many IPOs could not be transferred to the applicants' BO accounts, as the accounts were inactive. "During Islam! Bank's Mudaraba Perpetual Bond IPO allotment, 275 BO accounts were found inactive. In such cases, the depository participants request us to activate the BO accounts to transfer the IPOs," Farhad said.
He said the commission also approved the application of Delta Brae Housing for private placement of the company's zero cou-ponbondworthTk 150 crore.