Bangladesh Securities and Exchange Commission (BSEC) on Tuesday approved United Commercial Bank PLC's (UCB) proposal to raise Tk 775.18 crore through a rights share issue, alongside clearing the draft prospectus of a new open-end mutual fund.
The decisions were taken at the commission's 1019th meeting, held at its Agargaon office and chaired by BSEC Chairman Masud Khan.
Under the approved plan, UCB will issue 77,51,87,549 ordinary shares at a face value of Tk 10 each on a 1:2 rights basis, meaning one rights share for every two existing shares held.
The bank will use the proceeds to support its regular business operations, the commission said.
In a separate decision, the commission approved the draft prospectus and abridged version of “Blue-Wealth First Stable Return Fund,” a new open-end mutual fund with an initial target size of Tk 30 crore. Of this, sponsor Blue-Wealth Assets Limited will contribute Tk 3 crore, while the remaining Tk 27 crore will be open to general investors, with each unit priced at Tk 10.
Blue-Wealth Assets Limited will act as the fund's asset manager, while Sandhani Life Insurance Company Ltd. (SLIC) and Commercial Bank of Ceylon PLC will serve as trustee and custodian, respectively.