DHAKA: The Securities and Exchange Commission (SEC) Tuesday approved Tk 250 crore Sonali Bank Ltd 1st Mutual Fund and Eastern Bank Ltd NRB Mutual Fund.

“A meeting of the commission approved the funds,” said executive director of SEC and commission’s spokesman Anwarul Kabir Bhuiyan.

The size of Sonali Bank Ltd 1st Mutual Fund will be Tk 100 crore.

Of the amount, 25 per cent will be allocated for sponsors and pre-IPO placement while the rest 50 percent shares will be allotted through IPO, he added. ICB Asset Management will act as the issue manager for the fund.

Eastern Bank Ltd NRB Mutual Fund will be with a volume of Tk 150 crore.

Of this amount, Tk 15 crore will be for sponsors, Tk 60 crore for pre-IPO placement (50 percent of this will be allotted for non-resident Bangladeshis) and the rest Tk 75 crore will be allotted through IPO.

Race Asset Management will manage.

The face value of each unit mutual fund has been fixed at Tk 10 with market lot of 500 shares.

BDST 2027 HRS, July 20, 2010