Marico Bangladesh receives approval for IPO

Marico Ltd has announced that Marico Bangladesh Ltd (MBL), a Wholly owned subsidiary of the Company, has received the approval of the Bangladesh Securities and Exchange Commission (SEC) to its proposal for making an Initial Public Offer (IPO) in Bangladesh.

The IPO is scheduled to open in August 2009 and will offer 14,92,100 ordinary shares of Taka 10 each at an issue price of Taka 90 per share (including premium of Taka 80 each). The shares of MBL would be listed in Bangladesh on the Dhaka Stock Exchange and the Chittagong Stock Exchange.

The stock was trading at Rs.79.25, down by Rs.1.15 or 1.43%. The stock hit an intraday high of Rs.81.90 and low of Rs.76.30.

The total traded quantity was 1218840 compared to 2 week average of 301183.

Source : Equity Bulls

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