Civic to float its 4:1 right shares on Aug 13; Innovative on the next day

ShareSansar, July 22:

Civic Development Bank Limited is floating its 4:1 right shares from August 13 while Innovative Development Bank will follow the suit on August 14.

Issuing their offer letter the two development banks have the right shares will be floated at a face value of Rs 100 per unit.

Civic will close the issue on September 15, and Innovative will close its issue on the 16th.

Growmore Merchant Banker Limited, which is managing Civic’s issue has already announced the book closure for the right issue from July 21.

The fourth Annual General Meeting of the development bank held back on December 6, 2013 had endorsed the right issue to raise the paid-up capital, besides pledging 9 percent cash dividend to the shareholders from the profit for the fiscal year 2069/70.

Similarly, Innovative has announced the book closure for its 4:1 right issue from July 30.