Midland Bank calls meeting to change IPO fund utilisation

Business Desk :
Midland Bank Limited called an extra general meeting (EGM) to get the shareholders’ approval for changing the utilization proceeds of the IPO fund.

The bank, in a disclosure on the Dhaka Stock Exchange (DSE), said it wants to invest Tk46.73 lakh of the IPO fund in government securities. This money was earmarked for IPO expenses.

The bank official said the bank was allocated Tk3.89 crore from the IPO fund to meet the IPO expenses.

But not all of this money was spent.

Besides, the bank also decided to change its name to Midland Bank PLC.

For the shareholders’ approval, the bank will conduct the EGM on 29 October, and the record date is 19 September for the EGM. Earlier, in September last year, the Bangladesh Securities and Exchange Commission (BSEC) had allowed the bank to raise Tk70 crore from the capital market with an initial public offering (IPO).