Thursday, September 29, 2011

Trade Finance IPO oversubscribed

The Initial Public Offering of Trade Finance & Investments Limited has been oversubscribed before the scheduled date October 18, 2011.

The Registrars to the issue, Corporate Services (Pvt) Limited in a Stock Exchange disclosure said that since the issue is oversubscribed, the subscription list was closed at 4.30 pm yesterday.

Trade Finance and Investments offered six million ordinary voting shares at Rs. 20 each to be listed on the ‘Diri Savi board.According to the prospectus, the company plans to raise Rs.120 million from the IPO which would be used to enhance the company’s stated capital, enabling TIFL to expand its lending portfolio, the company has said.

The funds would also be used to open new branches in order to expand the firm’s deposit base.

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