Midland Bank gets nod to raise Tk 70 crore through issuing seven crore ordinary shares in an initial public offering (IPO).

The approval came today from a meeting of the Bangladesh Securities and Exchange Commission (BSEC) held at the commission building headed by BSEC Chairman Prof Shibli Rubayat-Ul-Islam.

With the IPO proceeds, the bank would invest in government securities and listed companies’ stocks, the commission said in a press release.

The lender’s weighted average earnings per share was Tk 1.07 and net asset value was Tk 13 at the end of 2021.

However, the stockmarket regulator has added a condition, which is the bank has to ensure 2 per cent shareholding by each director and 30 per cent shareholding jointly.

LankaBangla Investments is the issue manager of the IPO.