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Summit Purbanchol Power gets nod for IPO

Star Business Report
The Securities and Exchange Commission yesterday approved the IPO prospectus of Summit Purbanchol Power Company Ltd, a subsidiary of Summit Power Ltd, to raise Tk 135 crore from public.
The approval came at a meeting of the stockmarket regulator with SEC Chairman Prof M Khairul Hossain in the chair.
Using the fixed price method, Summit Purbanchol Power Company will float three crore ordinary shares of Tk 10 each at an offer price of Tk 45, including a premium of Tk 35, the SEC said in a statement.
With the proceedings from the IPO (initial public offering), the company will pay off its liabilities that are in the form of preference shares.
The company's earnings per share is Tk 5.18, while the net asset value per share is around Tk 21, according to its 2010 financial statements.
Summit Purbanchol Power Company has two power plants — Rupganj Power Plant in Narayanganj and Jangalia Power Plant in Comilla, each of which generates 33MW power.
It will be the 14th company to be listed on the stockmarket in the fuel and power category.Prime Finance Capital Management Ltd is the issue manager of the Summit Purbanchol Power Company's IPO.
At yesterday's meeting, the SEC also approved rights offer of two listed companies — Information Services Network Ltd and Tallu Spinning Mills Ltd.
Information Services Network will issue99.04 lakh ordinary shares ofTk 10 each totalling Tk 9.90 crore.
The company, which will offer one rights share for each existing share, will raise the capital to introduce WiFi mesh technology, expand services and increase cash flow.
BRAC-EPL Investments Ltd will be the issue manager and underwriter for Information Services Network's rights issue.
Tallu Spinning Mills will issue 4.28 crore ordinary shares ofTk lOeach totalling Tk42.80crore.
The spinning mill offered two rights share for existing one.
The company will raise the capital to meet its working capital requirement and repay bank loans.
Banco Financial and Investment Ltd will be the issue manager and underwriter for Tallu Spinning