Tuesday, Feb 19, 2019 Current Time: 10:34:48 PM (BST) Market Status: Closed
1JANATAMF 4.90 
0.00    0.00%

1STPRIMFMF 11.50 
0.00    0.00%

AAMRANET 62.50 
-0.20    -0.32%

AAMRATECH 30.50 
-0.10    -0.33%

ABB1STMF 4.70 
0.00    0.00%

ABBANK 12.00 
-0.10    -0.83%

ACFL   41.80    
-0.40    -0.95%

ACI   305.00    
3.10    1.03%

ACIFORMULA 157.90 
1.40    0.89%

ACMELAB 94.00 
-1.20    -1.26%

ACTIVEFINE 28.50 
0.00    0.00%

ADVENT 38.00 
-0.30    -0.78%

AFCAGRO 33.50 
0.30    0.90%

AFTABAUTO 47.30 
-0.10    -0.21%

AGNISYSL 21.60 
-0.20    -0.92%

AGRANINS 36.60 
-1.50    -3.94%

AIBL1STIMF 8.10 
0.30    3.85%

AIL   83.70    
5.80    7.45%

AL-HAJTEX 100.20 
0.60    0.60%

ALARABANK 21.90 
0.20    0.92%

ALIF   11.70    
0.20    1.74%

ALLTEX 13.00 
0.40    3.17%

AMANFEED 49.60 
-0.70    -1.39%

AMBEEPHA 727.00 
10.60    1.48%

AMCL(PRAN) 250.70 
0.60    0.24%

ANLIMAYARN 38.30 
-0.30    -0.78%

ANWARGALV 75.60 
0.70    0.93%

APEXFOODS 191.00 
2.60    1.38%

APEXFOOT 293.70 
-1.20    -0.41%

APEXSPINN 139.30 
-1.00    -0.71%

APEXTANRY 140.90 
0.50    0.36%

APOLOISPAT 8.10 
0.10    1.25%

ARAMIT 391.00 
-1.30    -0.33%

ARAMITCEM 25.80 
-0.20    -0.77%

ARGONDENIM 27.40 
-0.10    -0.36%

ASIAINS 33.80 
1.10    3.36%

ASIAPACINS 26.80 
0.40    1.52%

ATCSLGF 10.50 
0.00    0.00%

ATLASBANG 141.00 
1.50    1.08%

AZIZPIPES 177.00 
0.80    0.45%

BANGAS 293.90 
7.00    2.44%

BANKASIA 18.10 
0.00    0.00%

BARKAPOWER 31.30 
-0.40    -1.26%

BATASHOE 1125.50 
0.40    0.04%

BATBC   3668.90    
8.90    0.24%

BAYLEASING 19.50 
0.20    1.04%

BBS   32.40    
-0.60    -1.82%

BBSCABLES 103.50 
-0.10    -0.10%

BDAUTOCA 247.00 
-10.10    -3.93%

BDCOM   31.90    
-0.10    -0.31%

BDFINANCE 17.30 
-0.10    -0.57%

BDLAMPS 232.70 
5.70    2.51%

BDTHAI 21.70 
-0.20    -0.91%

BDWELDING 18.40 
0.20    1.10%

BEACHHATCH 19.10 
-0.30    -1.55%

BEACONPHAR 19.60 
-0.10    -0.51%

BENGALWTL 30.70 
-1.00    -3.15%

BERGERPBL 1839.00 
40.70    2.26%

BEXIMCO 23.90 
-0.30    -1.24%

BGIC   21.50    
0.00    0.00%

BIFC   5.50    
0.00    0.00%

BNICL   25.00    
0.00    0.00%

BPML   83.30    
-0.70    -0.83%

BRACBANK 80.40 
1.50    1.90%

BSC   47.30    
-0.30    -0.63%

BSCCL   171.90    
7.20    4.37%

BSRMLTD 76.30 
-0.50    -0.65%

BSRMSTEEL 62.20 
-0.30    -0.48%

BXPHARMA 89.00 
0.00    0.00%

BXSYNTH 7.00 
0.30    4.48%

CAPMBDBLMF 6.80 
0.00    0.00%

CAPMIBBLMF 8.40 
0.10    1.20%

CENTRALINS 25.00 
-0.50    -1.96%

CENTRALPHL 16.20 
0.00    0.00%

CITYBANK 30.30 
-0.10    -0.33%

CITYGENINS 17.30 
-0.60    -3.35%

CNATEX 4.10 
0.00    0.00%

CONFIDCEM 175.00 
0.20    0.11%

CONTININS 25.60 
1.00    4.07%

CVOPRL 186.50 
-0.80    -0.43%

DACCADYE 5.00 
0.00    0.00%

DAFODILCOM 50.00 
-0.60    -1.19%

DBH   143.80    
1.50    1.05%

DBH1STMF 8.90 
-0.20    -2.20%

DELTALIFE 110.50 
0.50    0.45%

DELTASPINN 7.00 
0.00    0.00%

DESCO   47.00    
-0.10    -0.21%

DESHBANDHU 14.00 
-0.20    -1.41%

DHAKABANK 16.30 
0.00    0.00%

DHAKAINS 27.70 
0.20    0.73%

DOREENPWR 95.20 
0.10    0.11%

DSHGARME 250.00 
-3.70    -1.46%

DSSL   21.90    
-0.40    -1.79%

DULAMIACOT 33.30 
-3.70    -10.00%

DUTCHBANGL 160.80 
8.70    5.72%

EASTERNINS 52.90 
-1.90    -3.47%

EASTLAND 26.00 
0.10    0.39%

EASTRNLUB 1292.00 
-14.30    -1.09%

EBL   38.60    
0.50    1.31%

EBL1STMF 7.40 
-0.10    -1.33%

EBLNRBMF 4.90 
-0.10    -2.00%

ECABLES 286.10 
-5.20    -1.79%

EHL   54.40    
0.20    0.37%

EMERALDOIL 25.00 
2.20    9.65%

ENVOYTEX 37.10 
-0.20    -0.54%

ETL   12.80    
-0.10    -0.78%

EXIM1STMF 5.70 
0.00    0.00%

EXIMBANK 12.30 
0.00    0.00%

FAMILYTEX 5.00 
0.00    0.00%

FARCHEM 15.30 
0.10    0.66%

FAREASTFIN 5.80 
-0.20    -3.33%

FAREASTLIF 66.60 
1.60    2.46%

FASFIN 12.40 
0.00    0.00%

FBFIF   4.60    
0.00    0.00%

FEDERALINS 14.00 
0.10    0.72%

FEKDIL 17.20 
0.00    0.00%

FINEFOODS 39.00 
0.80    2.09%

FIRSTFIN 6.60 
0.20    3.12%

FIRSTSBANK 11.50 
0.00    0.00%

FORTUNE 36.30 
0.80    2.25%

FUWANGCER 13.80 
0.20    1.47%

FUWANGFOOD 17.20 
0.10    0.58%

GBBPOWER 10.90 
0.10    0.93%

GEMINISEA 341.80 
-0.60    -0.18%

GENEXIL 45.80 
-1.50    -3.17%

GENNEXT 6.80 
-0.10    -1.45%

GHAIL   35.60    
-1.00    -2.73%

GHCL   43.90    
0.30    0.69%

GLAXOSMITH 1419.00 
-20.20    -1.40%

GLOBALINS 22.40 
1.00    4.67%

GOLDENSON 10.80 
0.30    2.86%

GP   381.30    
4.20    1.11%

GPHISPAT 36.90 
0.00    0.00%

GQBALLPEN 87.00 
-0.90    -1.02%

GRAMEENS2 13.00 
0.00    0.00%

GREENDELMF 7.90 
-0.10    -1.25%

GREENDELT 62.10 
-0.70    -1.11%

GSPFINANCE 21.20 
-0.40    -1.85%

HAKKANIPUL 66.90 
-0.40    -0.59%

HEIDELBCEM 350.00 
-0.70    -0.20%

HFL   23.70    
-0.40    -1.66%

HRTEX   45.10    
-0.40    -0.88%

HWAWELLTEX 39.00 
-0.60    -1.52%

IBBLPBOND 933.50 
3.00    0.32%

IBNSINA 261.90 
2.30    0.89%

IBP   33.00    
0.50    1.54%

ICB   123.00    
2.90    2.41%

ICB3RDNRB 5.90 
0.00    0.00%

ICBAGRANI1 7.30 
0.00    0.00%

ICBAMCL2ND 8.10 
-0.20    -2.41%

ICBEPMF1S1 6.30 
-0.10    -1.56%

ICBIBANK 4.10 
-0.10    -2.38%

ICBSONALI1 7.50 
0.00    0.00%

IDLC   69.50    
1.80    2.66%

IFADAUTOS 102.40 
1.60    1.59%

IFIC   13.00    
-0.20    -1.52%

IFIC1STMF 4.70 
0.10    2.17%

IFILISLMF1 7.20 
-0.10    -1.37%

ILFSL   13.70    
-0.30    -2.14%

IMAMBUTTON 19.80 
1.80    10.00%

INTECH 46.50 
0.10    0.22%

INTRACO 26.20 
-0.30    -1.13%

IPDC   40.40    
0.80    2.02%

ISLAMIBANK 25.30 
-0.30    -1.17%

ISLAMICFIN 19.90 
0.10    0.51%

ISLAMIINS 23.80 
-0.10    -0.42%

ISNLTD 27.40 
1.30    4.98%

ITC   47.90    
0.00    0.00%

JAMUNABANK 19.20 
0.10    0.52%

JAMUNAOIL 191.00 
0.60    0.32%

JANATAINS 17.90 
0.00    0.00%

JMISMDL 373.00 
27.60    7.99%

JUTESPINN 105.60 
1.70    1.64%

KARNAPHULI 19.80 
0.10    0.51%

KAY&QUE 191.20 
-4.50    -2.30%

KBPPWBIL 12.00 
-0.20    -1.64%

KDSALTD 61.00 
-1.70    -2.71%

KEYACOSMET 6.00 
0.10    1.69%

KOHINOOR 380.60 
1.00    0.26%

KPCL   61.70    
0.70    1.15%

KPPL   17.20    
-0.10    -0.58%

KTL   23.20    
-0.10    -0.43%

LANKABAFIN 26.40 
0.00    0.00%

LEGACYFOOT 199.80 
0.20    0.10%

LHBL   41.00    
0.00    0.00%

LIBRAINFU 973.90 
0.70    0.07%

LINDEBD 1266.90 
10.60    0.84%

LRGLOBMF1 6.80 
0.00    0.00%

MAKSONSPIN 7.40 
-0.10    -1.33%

MALEKSPIN 22.00 
-0.60    -2.65%

MARICO 1294.80 
13.90    1.09%

MATINSPINN 40.00 
0.50    1.27%

MBL1STMF 7.90 
0.10    1.28%

MEGCONMILK 19.80 
1.80    10.00%

MEGHNACEM 97.50 
1.30    1.35%

MEGHNALIFE 72.40 
3.40    4.93%

MEGHNAPET 12.50 
1.10    9.65%

MERCANBANK 17.40 
-0.10    -0.57%

MERCINS 31.80 
2.70    9.28%

METROSPIN 8.40 
-0.20    -2.33%

MHSML   14.80    
0.00    0.00%

MICEMENT 75.20 
-1.90    -2.46%

MIDASFIN 24.00 
-0.10    -0.41%

MIRACLEIND 35.90 
-0.30    -0.83%

MITHUNKNIT 16.90 
0.20    1.20%

MJLBD   101.90    
1.10    1.09%

MLDYEING 37.80 
-1.10    -2.83%

MONNOCERA 335.70 
1.30    0.39%

MONNOSTAF 2083.50 
-51.40    -2.41%

MPETROLEUM 221.80 
5.60    2.59%

MTB   34.00    
-0.20    -0.58%

NAHEEACP 62.60 
0.20    0.32%

NATLIFEINS 181.80 
0.30    0.17%

NAVANACNG 53.70 
0.00    0.00%

NBL   10.00    
-0.10    -0.99%

NCCBANK 16.00 
-0.10    -0.62%

NCCBLMF1 7.40 
0.00    0.00%

NFML   11.40    
-0.10    -0.87%

NHFIL   48.30    
-0.40    -0.82%

NITOLINS 30.50 
0.10    0.33%

NLI1STMF 13.30 
-0.20    -1.48%

NORTHERN 1100.00 
-25.40    -2.26%

NORTHRNINS 21.80 
-0.90    -3.96%

NPOLYMAR 83.20 
0.50    0.60%

NTC   739.00    
3.50    0.48%

NTLTUBES 113.20 
0.30    0.27%

NURANI 18.90 
-0.30    -1.56%

OAL   12.50    
-0.10    -0.79%

OIMEX   38.20    
0.10    0.26%

OLYMPIC 233.00 
-3.10    -1.31%

ONEBANKLTD 16.30 
-0.20    -1.21%

ORIONINFU 60.10 
-0.10    -0.17%

ORIONPHARM 37.10 
-0.20    -0.54%

PADMALIFE 24.00 
-0.10    -0.41%

PADMAOIL 240.00 
3.20    1.35%

PARAMOUNT 23.00 
0.70    3.14%

PDL   17.30    
-0.10    -0.57%

PENINSULA 30.80 
-0.20    -0.65%

PEOPLESINS 20.50 
-0.60    -2.84%

PF1STMF 5.90 
0.00    0.00%

PHARMAID 675.00 
7.10    1.06%

PHENIXINS 31.40 
-0.30    -0.95%

PHOENIXFIN 37.40 
0.30    0.81%

PHPMF1 4.80 
0.00    0.00%

PIONEERINS 36.60 
0.50    1.39%

PLFSL   5.00    
0.00    0.00%

POPULAR1MF 4.50 
0.00    0.00%

POPULARLIF 111.00 
0.40    0.36%

POWERGRID 56.80 
-0.80    -1.39%

PRAGATIINS 32.00 
-0.80    -2.44%

PRAGATILIF 120.00 
1.70    1.44%

PREMIERBAN 15.50 
0.00    0.00%

PREMIERCEM 76.00 
-0.90    -1.17%

PREMIERLEA 10.60 
0.00    0.00%

PRIME1ICBA 6.30 
0.10    1.61%

PRIMEBANK 18.40 
-0.50    -2.65%

PRIMEFIN 9.50 
0.00    0.00%

PRIMEINSUR 19.30 
0.00    0.00%

PRIMELIFE 63.10 
2.50    4.13%

PRIMETEX 33.30 
0.60    1.83%

PROGRESLIF 75.50 
1.20    1.62%

PROVATIINS 34.00 
-0.90    -2.58%

PTL   71.90    
-0.20    -0.28%

PUBALIBANK 28.40 
0.60    2.16%

PURABIGEN 17.70 
0.60    3.51%

QUASEMIND 45.50 
-0.10    -0.22%

QUEENSOUTH 38.70 
-0.30    -0.77%

RAHIMTEXT 406.00 
-4.20    -1.02%

RAKCERAMIC 42.30 
0.30    0.71%

RANFOUNDRY 154.80 
7.90    5.38%

RDFOOD 16.00 
0.00    0.00%

RECKITTBEN 2478.00 
-5.80    -0.23%

REGENTTEX 17.70 
-0.20    -1.12%

RELIANCE1 9.60 
0.00    0.00%

RELIANCINS 51.10 
0.10    0.20%

RENATA 1161.00 
-9.40    -0.80%

RENWICKJA 1369.00 
12.50    0.92%

REPUBLIC 27.50 
-0.90    -3.17%

RNSPIN 8.80 
-0.20    -2.22%

RSRMSTEEL 53.50 
0.60    1.13%

RUPALIBANK 41.80 
0.30    0.72%

RUPALIINS 22.80 
0.50    2.24%

RUPALILIFE 108.80 
8.00    7.94%

SAFKOSPINN 19.30 
-0.20    -1.03%

SAIFPOWER 22.20 
0.10    0.45%

SAIHAMCOT 30.20 
0.50    1.68%

SAIHAMTEX 62.70 
0.30    0.48%

SALAMCRST 32.10 
-2.70    -7.76%

SALVOCHEM 18.20 
0.00    0.00%

SAMATALETH 51.40 
-5.30    -9.35%

SAMORITA 72.90 
-0.30    -0.41%

SANDHANINS 27.40 
0.30    1.11%

SAPORTL 28.00 
-0.50    -1.75%

SAVAREFR 100.40 
9.10    9.97%

SEMLIBBLSF 6.90 
0.00    0.00%

SEMLLECMF 7.30 
0.20    2.82%

SHAHJABANK 26.90 
0.00    0.00%

SHASHADNIM 51.90 
-1.10    -2.08%

SHEPHERD 38.90 
0.20    0.52%

SHURWID 37.50 
-0.30    -0.79%

SHYAMPSUG 30.80 
0.90    3.01%

SIBL   16.00    
-0.10    -0.62%

SILVAPHL 30.40 
0.00    0.00%

SIMTEX 36.10 
0.10    0.28%

SINGERBD 237.50 
0.40    0.17%

SINOBANGLA 52.00 
0.50    0.97%

SKTRIMS 50.90 
-1.00    -1.93%

SONALIANSH 628.50 
5.40    0.87%

SONARBAINS 56.00 
-4.80    -7.89%

SONARGAON 33.50 
3.00    9.84%

SOUTHEASTB 16.20 
-0.10    -0.61%

SPCERAMICS 14.40 
0.10    0.70%

SPCL   93.30    
0.00    0.00%

SQUARETEXT 47.30 
-0.40    -0.84%

SQURPHARMA 267.40 
1.40    0.53%

SSSTEEL 37.90 
0.20    0.53%

STANCERAM 163.00 
-1.30    -0.79%

STANDARINS 38.20 
-1.60    -4.02%

STANDBANKL 11.10 
-0.20    -1.77%

STYLECRAFT 850.00 
-16.80    -1.94%

SUMITPOWER 42.60 
0.10    0.24%

SUNLIFEINS 28.40 
1.60    5.97%

TAKAFULINS 27.70 
1.10    4.14%

TALLUSPIN 6.10 
0.10    1.67%

TITASGAS 39.40 
0.10    0.25%

TOSRIFA 21.30 
-0.40    -1.84%

TRUSTB1MF 4.80 
-0.10    -2.04%

TRUSTBANK 35.00 
0.00    0.00%

TUNGHAI 4.50 
0.00    0.00%

UCB   18.40    
-0.10    -0.54%

UNIONCAP 14.00 
0.10    0.72%

UNIQUEHRL 53.90 
0.00    0.00%

UNITEDAIR 2.90 
0.20    7.41%

UNITEDFIN 23.10 
-0.60    -2.53%

UNITEDINS 76.60 
0.00    0.00%

UPGDCL 415.90 
11.50    2.84%

USMANIAGL 110.70 
0.40    0.36%

UTTARABANK 29.10 
0.10    0.34%

UTTARAFIN 69.00 
1.20    1.77%

VFSTDL 61.10 
-0.50    -0.81%

WATACHEM 521.00 
-8.80    -1.66%

WMSHIPYARD 20.80 
-0.40    -1.89%

YPL   14.80    
-0.10    -0.67%

ZAHEENSPIN 11.50 
0.00    0.00%

ZAHINTEX 10.60 
0.00    0.00%

ZEALBANGLA 43.80 
1.80    4.29%


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Listing Process at DSE

 

Listing Process at Dhaka Stock Exchange Limited

 

Listing Process is regulated by two regulations at Dhaka Stock Exchange Limited (DSE). They are:

1.      The Listing Regulations of the Dhaka Stock Exchange Limited

2.      The Dhaka Stock Exchange (Direct Listing) Regulations 2006

There are three possible ways to get listed with DSE

  1. Listing after Initial Public Offer (IPO)
  2. Offloading of Shares of Government owned companies and become listed under Dhaka Stock Exchange (Direct Listing) Regulations 2006
  3. Unlisted Subsidiaries of listed companies can become listed through issuance of specie dividend, right shares or any similar distribution in accordance with The Listing Regulations of the Dhaka Stock Exchange Limited

  

General stages and relevant processes of listing with DSE through IPO

 

  1. Decision to go Public

• Appoint Issue Manager from Bangladesh Securities and Exchange Commission (BSEC) approved Issue Managers

• Decide method of IPO with assistance from Issue Manager – Fixed Price or Book Building>

• In case of IPO under Book Building - Get Accounts audited by BSEC approved Panel of Auditors

• Initiate process for credit rating - Mandatory for Bank, Insurance, NBFI and any issue with offer price at premium

• Develop a Company Website with  publications of Company Financials

  1. Prepare Draft Prospectus

• Assist Issue Manager in preparing Draft Prospectus in accordance with Securities and Exchange Commission (Public Issue) Rules, 2006

• Appoint Bankers to Issue, Underwriters etc.

• In case of IPO under Fixed Price Method fix a offer price and justify the same in accordance with rules mentioned in the Securities and Exchange Commission (Public Issue) Rules, 2006

• In case of IPO under Book Building Method prepare a Information Memorandum with Financials for Road Show and Indicative Price Determination in accordance with rules of the Securities and Exchange Commission (Public Issue) Rules, 2006

          • Host road shows with all Eligible Institutional Investors (EII)
          • Collect offers from all EIIs
          • Finalize a indicative price
  1. Apply to BSEC for Public Offer

• Apply to BSEC for IPO under Securities and Exchange Commission (Public Issue) Rules, 2006. Submit copies of Draft prospectus to Exchanges simultaneously.

• Fulfill any discrepancy identified by BSEC in Draft Prospectus and respond to any queries made by the Exchanges.

• Assist Issue Manager in updating draft prospectus to comply with or fulfill deficiencies identified by BSEC and any issues identified by the Exchanges.

  1. IPO Approved

• Print Abridged version of the approved and vetted prospectus in widely circulated Bengali and English News Papers

• Print Final Prospectus

• Publish Soft Copy of vetted Prospectus on Company Website within 3 working days

• Apply for Listing with Exchanges in accordance with regulations of the Listing Regulations of the Exchanges

• Appoint a Post Issue Manager

  1. Bidding by EIIs (for Book Building only)

• Apply to Exchanges for holding bidding with BSEC approved Indicative price

• On completion of bidding collect allotment list for EII and cut-off price for subscription from the Exchanges

  1. Subscription, Lottery

• Start subscription for IPO through designated Bankers to the Issue

• Assist Issue Manager and Post Issue Manager in completing formalities related to subscription, lottery, refund and crediting shares to successful allottees

• After Subscription period submit subscription status to BSEC and the Exchanges where the issuer wishes to get listed

• In case of over subscription hold lottery

  1. Allotment and  Refund

• Process all subscriptions and lottery results

• Distribute Allotment letter and Refund Warrants

• After distribution of allotment letters/refund warrants submit a compliance  report before the Commission and the Exchanges

  1. Listing Approval by the Exchanges

• After distribution of allotment letters/refund warrants and compliance of other requirements, the application for listing by the Issuer is considered complete and is placed for listing approval

• Listing is approved or rejected

  1. Credit Share/Units

• If listing is approved by any of the Exchanges, issuer apply to CDBL for crediting tradable shares/units as per allotment

  1. Commencement of Trading of scrips on the Bourse(s)

• Once shares/units are credited and confirmed by CDBL, commencement date for trading is announced by the respective Exchange

 

General stages and relevant processes of listing by offloading of shares of Government owned companies under Dhaka Stock Exchange (Direct Listing) Regulation, 2006

1.      Get relevant approval from concerned ministry or any other government body

2.      Appoint Issue Manager, Designated Brokers

3.      Follow the Book Building Process to determine the offer price
4.     Prepare Information Document in accordance with the Direct Listing regulations of the Exchanges
5.   Submit Information document to the respective exchanges and BSEC and apply to the exchanges for offloading of shares through listing under the Direct Listing regulations of the exchanges
6.    Comply with deficiency letter issued by BSEC
7.    Comply with any deficiencies identified the respective Exchanges
8.  Update Information document and get the same vetted by the respective exchanges
9.    Exchange(s) approve Listing
10.  Publish the Information Document in widely circulated Bengali and English news papers
11.  Submit printed Information Document to Exchanges and BSEC
12.  Trading commence at least 7 days after news paper publications
13.  Make shares to be offloaded available to designated stock brokers and provide irrevocable sale orders for the total quantity made available. In this regard total shares to be made available must not be less than 25% of the total paid-up shares.
14.  Offload 25% of the total paid-up shares within first 30 trading days.
15.  Report broker wise offloading status to exchanges and BSEC on daily basis.

 

 

Listing of Subsidiary Company

 

Regulation 24 of Listing Regulations of the Dhaka Stock Exchange Limited

 

"24.   (1)  A listed company distributing shares of its "unlisted" subsidiary company in the form of specie dividend, right shares or any similar distribution shall get such subsidiary company listed on the Exchange within a period of 120 days from the date of approval of such distribution by the shareholders at the meeting of such company.

(2) In case of failure of such subsidiary company to apply for listing or refusal by the Exchange for such listing on account of insufficient public interest, or for any other reason whatsoever, the Company distributing specie dividend shall encash  the shares of the subsidiary company at the option of the recipients at the price not less than the current break-up value or face value, whichever is higher, within 30 days from the expiry of 120 days or from the date of refusal of listing whichever is earlier, failure in which behalf shall be default in which event the trading in the shares of the listed company be suspended by the Council or the company de-listed."

 

 


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