DHAKA: The Securities and Exchange Commission (SEC) Tuesday approved right shares of City Bank Ltd and Islamic Finance Ltd meant for increasing their respective paid-up capital.

Executive director of SEC Anwarul Kabir Bhuiyan informed reporters about the approval after the commission meeting held to this end.

As per the decision, the City Bank with its existing 1,96,29,125 shares will issue one right share against each taking Tk 100 as premium.

The Islamic Finance Bank, on the other hand, will issue one right share against two general shares. For the right shares, the company will also take Tk 50 as premium against each of its existing 19,92,191 shares.

BDST: 1916 HRS. JULY 20, 2010