The Securities and Exchange Commission (SEC) yesterday approved the rights issue of Sonargaon Textiles and Social Islami Bank worth total Tk 3.15 billion.

The decision came at a meeting of the commission presided over by SEC chairman Ziaul Haque Khondker.

The SEC, however, did not approve two IPOs considering the existing volatile situation in the market, SEC spokesman and executive director Saifur Rahman said emerging from the meeting.

The share market regulator also amended merchant banks policy, but the provision for changing or firing chief executive officer of the bourses with SEC approval remained unchanged.

With SEC nod, the authority of Sonargaon Textiles will be able to offer rights share against total 10.91 ordinary shares worth Tk 163.6 million at an offer price of Tk 150 added a premium of Tk 50 per share. One rights share will be given against one existing shares, source said.

The approval was accorded under a condition that the company shall comply with the requirements embodied in the Securities and Exchange Commission (Rights Issue) Rules, 2006 and other relevant laws and Regulatory Requirements, and shall also adhere to the conditions imposed by SEC under Section-2CC of the Securities and Exchange Ordinance.

News: Daily Sun/ Bangladesh/ Mar-02-2011