Sunday, Feb 17, 2019 Current Time: 6:07:20 AM (BST) Market Status: Closed
1JANATAMF 5.10 
0.20    4.08%

1STPRIMFMF 11.60 
0.30    2.65%

AAMRANET 63.20 
2.30    3.78%

AAMRATECH 30.20 
0.10    0.33%

ABB1STMF 4.90 
0.10    2.08%

ABBANK 12.10 
0.10    0.83%

ACFL   42.60    
1.90    4.67%

ACI   306.00    
-1.90    -0.62%

ACIFORMULA 157.10 
-2.20    -1.38%

ACMELAB 95.00 
-0.30    -0.31%

ACTIVEFINE 29.30 
-0.10    -0.34%

ADVENT 39.10 
0.10    0.26%

AFCAGRO 34.00 
0.40    1.19%

AFTABAUTO 46.40 
1.00    2.20%

AGNISYSL 21.40 
-0.20    -0.93%

AGRANINS 43.40 
1.60    3.83%

AIBL1STIMF 8.00 
0.20    2.56%

AIL   75.70    
6.80    9.87%

AL-HAJTEX 98.30 
-1.00    -1.01%

ALARABANK 21.60 
-0.10    -0.46%

ALIF   12.00    
0.90    8.11%

ALLTEX 13.00 
-0.90    -6.47%

AMANFEED 51.40 
1.80    3.63%

AMBEEPHA 731.10 
-7.60    -1.03%

AMCL(PRAN) 247.70 
-3.10    -1.24%

ANLIMAYARN 39.10 
1.20    3.17%

ANWARGALV 73.90 
-0.50    -0.67%

APEXFOODS 189.00 
-2.50    -1.31%

APEXFOOT 298.00 
0.90    0.30%

APEXSPINN 142.10 
1.80    1.28%

APEXTANRY 141.10 
-0.40    -0.28%

APOLOISPAT 8.10 
0.00    0.00%

ARAMIT 392.50 
-4.50    -1.13%

ARAMITCEM 25.70 
1.00    4.05%

ARGONDENIM 27.90 
0.40    1.45%

ASIAINS 37.20 
-1.50    -3.88%

ASIAPACINS 28.50 
1.00    3.64%

ATCSLGF 10.90 
0.40    3.81%

ATLASBANG 137.30 
0.20    0.15%

AZIZPIPES 178.00 
-3.40    -1.87%

BANGAS 303.10 
-3.30    -1.08%

BANKASIA 18.40 
0.00    0.00%

BARKAPOWER 32.10 
-0.20    -0.62%

BATASHOE 1134.20 
3.30    0.29%

BATBC   3664.50    
11.70    0.32%

BAYLEASING 20.30 
-0.40    -1.93%

BBS   32.80    
0.40    1.23%

BBSCABLES 103.40 
0.30    0.29%

BDAUTOCA 291.00 
-1.00    -0.34%

BDCOM   32.50    
0.20    0.62%

BDFINANCE 17.20 
-0.30    -1.71%

BDLAMPS 228.00 
-7.30    -3.10%

BDTHAI 21.50 
-0.30    -1.38%

BDWELDING 18.60 
0.50    2.76%

BEACHHATCH 19.00 
-1.00    -5.00%

BEACONPHAR 19.90 
0.30    1.53%

BENGALWTL 30.30 
-0.30    -0.98%

BERGERPBL 1860.00 
-10.60    -0.57%

BEXIMCO 24.20 
0.20    0.83%

BGIC   23.50    
2.10    9.81%

BIFC   5.70    
-0.40    -6.56%

BNICL   28.00    
1.40    5.26%

BPML   81.10    
-1.00    -1.22%

BRACBANK 79.00 
-1.20    -1.50%

BSC   47.40    
-0.30    -0.63%

BSCCL   152.00    
3.50    2.36%

BSRMLTD 77.10 
-1.10    -1.41%

BSRMSTEEL 62.70 
0.10    0.16%

BXPHARMA 89.00 
-0.30    -0.34%

BXSYNTH 7.40 
-0.20    -2.63%

CAPMBDBLMF 6.80 
-0.10    -1.45%

CAPMIBBLMF 8.40 
-0.10    -1.18%

CENTRALINS 25.30 
2.30    10.00%

CENTRALPHL 17.00 
0.80    4.94%

CITYBANK 30.40 
0.10    0.33%

CITYGENINS 19.60 
1.70    9.50%

CNATEX 4.30 
0.10    2.38%

CONFIDCEM 179.00 
0.00    0.00%

CONTININS 26.80 
2.40    9.84%

CVOPRL 194.90 
4.00    2.10%

DACCADYE 5.20 
-0.10    -1.89%

DAFODILCOM 51.30 
0.70    1.38%

DBH   140.10    
-0.10    -0.07%

DBH1STMF 9.00 
0.00    0.00%

DELTALIFE 110.00 
0.00    0.00%

DELTASPINN 6.90 
-0.10    -1.43%

DESCO   47.40    
0.30    0.64%

DESHBANDHU 14.40 
0.10    0.70%

DHAKABANK 16.30 
0.10    0.62%

DHAKAINS 29.60 
2.00    7.25%

DOREENPWR 95.00 
-2.10    -2.16%

DSHGARME 261.50 
-1.50    -0.57%

DSSL   23.20    
0.90    4.04%

DULAMIACOT 42.40 
-1.00    -2.30%

DUTCHBANGL 156.00 
13.40    9.40%

EASTERNINS 52.30 
4.70    9.87%

EASTLAND 27.50 
0.60    2.23%

EASTRNLUB 1316.00 
-21.70    -1.62%

EBL   39.40    
0.10    0.25%

EBL1STMF 7.70 
0.00    0.00%

EBLNRBMF 5.00 
0.00    0.00%

ECABLES 303.00 
5.70    1.92%

EHL   56.70    
-0.20    -0.35%

EMERALDOIL 22.80 
-1.80    -7.32%

ENVOYTEX 37.70 
0.00    0.00%

ETL   12.80    
0.20    1.59%

EXIM1STMF 5.70 
0.20    3.64%

EXIMBANK 12.30 
0.10    0.82%

FAMILYTEX 5.10 
0.10    2.00%

FARCHEM 15.50 
0.00    0.00%

FAREASTFIN 6.30 
-0.20    -3.08%

FAREASTLIF 66.50 
2.00    3.10%

FASFIN 12.70 
-0.20    -1.55%

FBFIF   4.80    
0.10    2.13%

FEDERALINS 15.10 
1.10    7.86%

FEKDIL 17.70 
0.30    1.72%

FINEFOODS 38.50 
-0.20    -0.52%

FIRSTFIN 6.60 
-0.50    -7.04%

FIRSTSBANK 11.40 
-0.10    -0.87%

FORTUNE 38.90 
1.40    3.73%

FUWANGCER 13.60 
-0.10    -0.73%

FUWANGFOOD 17.20 
0.10    0.58%

GBBPOWER 10.90 
0.00    0.00%

GEMINISEA 345.50 
1.10    0.32%

GENEXIL 49.20 
-3.30    -6.29%

GENNEXT 7.10 
0.20    2.90%

GHAIL   36.40    
0.30    0.83%

GHCL   41.50    
0.50    1.22%

GLAXOSMITH 1471.20 
-30.60    -2.04%

GLOBALINS 24.20 
2.20    10.00%

GOLDENSON 10.80 
-0.40    -3.57%

GP   387.10    
-5.80    -1.48%

GPHISPAT 37.50 
1.10    3.02%

GQBALLPEN 85.60 
2.40    2.88%

GRAMEENS2 13.30 
0.10    0.76%

GREENDELMF 7.90 
0.10    1.28%

GREENDELT 65.00 
1.80    2.85%

GSPFINANCE 22.00 
-0.40    -1.79%

HAKKANIPUL 67.10 
0.00    0.00%

HEIDELBCEM 355.80 
-6.50    -1.79%

HFL   24.70    
-0.10    -0.40%

HRTEX   46.20    
0.90    1.99%

HWAWELLTEX 39.30 
0.30    0.77%

IBBLPBOND 939.00 
5.00    0.54%

IBNSINA 261.00 
-4.00    -1.51%

IBP   34.40    
0.90    2.69%

ICB   119.00    
0.10    0.08%

ICB3RDNRB 5.90 
-0.10    -1.67%

ICBAGRANI1 7.30 
0.00    0.00%

ICBAMCL2ND 8.20 
0.10    1.23%

ICBEPMF1S1 6.50 
0.10    1.56%

ICBIBANK 4.10 
0.00    0.00%

ICBSONALI1 7.40 
-0.20    -2.63%

IDLC   70.90    
0.40    0.57%

IFADAUTOS 100.30 
-0.90    -0.89%

IFIC   12.90    
-0.10    -0.77%

IFIC1STMF 4.70 
0.10    2.17%

IFILISLMF1 7.30 
0.00    0.00%

ILFSL   14.30    
-0.30    -2.05%

IMAMBUTTON 22.20 
-2.40    -9.76%

INTECH 47.10 
-0.90    -1.88%

INTRACO 27.40 
0.30    1.11%

IPDC   40.70    
-0.70    -1.69%

ISLAMIBANK 25.60 
-0.30    -1.16%

ISLAMICFIN 19.90 
-0.50    -2.45%

ISLAMIINS 25.40 
1.30    5.39%

ISNLTD 26.50 
-1.90    -6.69%

ITC   49.00    
-0.20    -0.41%

JAMUNABANK 19.00 
0.10    0.53%

JAMUNAOIL 192.70 
-1.10    -0.57%

JANATAINS 20.10 
1.50    8.06%

JMISMDL 386.90 
1.30    0.34%

JUTESPINN 107.00 
-2.30    -2.10%

KARNAPHULI 21.40 
1.90    9.74%

KAY&QUE 202.00 
-6.90    -3.30%

KBPPWBIL 12.50 
0.30    2.46%

KDSALTD 59.40 
0.60    1.02%

KEYACOSMET 5.90 
-0.10    -1.67%

KOHINOOR 382.10 
-6.60    -1.70%

KPCL   61.80    
-0.50    -0.80%

KPPL   18.10    
0.00    0.00%

KTL   24.00    
0.60    2.56%

LANKABAFIN 26.30 
-0.70    -2.59%

LEGACYFOOT 202.00 
-4.90    -2.37%

LHBL   41.80    
0.60    1.46%

LIBRAINFU 1010.00 
-21.20    -2.06%

LINDEBD 1282.80 
-5.50    -0.43%

LRGLOBMF1 6.80 
0.20    3.03%

MAKSONSPIN 7.50 
0.00    0.00%

MALEKSPIN 23.50 
1.10    4.91%

MARICO 1329.90 
-11.10    -0.83%

MATINSPINN 39.40 
-0.20    -0.51%

MBL1STMF 7.70 
0.00    0.00%

MEGCONMILK 22.10 
-2.40    -9.80%

MEGHNACEM 96.00 
-1.00    -1.03%

MEGHNALIFE 71.50 
1.20    1.71%

MEGHNAPET 13.90 
-1.50    -9.74%

MERCANBANK 17.40 
0.00    0.00%

MERCINS 26.80 
2.40    9.84%

METROSPIN 8.60 
0.30    3.61%

MHSML   15.50    
0.40    2.65%

MICEMENT 80.80 
7.10    9.63%

MIDASFIN 24.50 
-0.70    -2.78%

MIRACLEIND 35.60 
-0.50    -1.39%

MITHUNKNIT 16.80 
0.40    2.44%

MJLBD   101.20    
-0.30    -0.30%

MLDYEING 38.10 
-0.40    -1.04%

MONNOCERA 336.00 
-2.10    -0.62%

MONNOSTAF 2099.90 
-22.60    -1.06%

MPETROLEUM 216.80 
-3.60    -1.63%

MTB   33.90    
0.00    0.00%

NAHEEACP 63.90 
-0.10    -0.16%

NATLIFEINS 181.90 
0.10    0.06%

NAVANACNG 52.80 
0.80    1.54%

NBL   10.00    
-0.10    -0.99%

NCCBANK 16.10 
0.00    0.00%

NCCBLMF1 7.50 
-0.30    -3.85%

NFML   11.50    
0.10    0.88%

NHFIL   49.00    
-0.70    -1.41%

NITOLINS 32.40 
1.70    5.54%

NLI1STMF 13.60 
0.10    0.74%

NORTHERN 1148.00 
14.60    1.29%

NORTHRNINS 24.20 
2.20    10.00%

NPOLYMAR 83.00 
0.00    0.00%

NTC   778.40    
4.50    0.58%

NTLTUBES 111.50 
-0.50    -0.45%

NURANI 19.70 
0.40    2.07%

OAL   13.00    
0.50    4.00%

OIMEX   37.40    
-0.50    -1.32%

OLYMPIC 239.60 
0.80    0.34%

ONEBANKLTD 16.20 
0.00    0.00%

ORIONINFU 61.30 
0.10    0.16%

ORIONPHARM 37.50 
0.30    0.81%

PADMALIFE 24.30 
0.40    1.67%

PADMAOIL 233.30 
-4.70    -1.97%

PARAMOUNT 24.90 
2.20    9.69%

PDL   18.00    
0.70    4.05%

PENINSULA 28.00 
-0.40    -1.41%

PEOPLESINS 22.00 
2.00    10.00%

PF1STMF 5.90 
-0.10    -1.67%

PHARMAID 694.00 
-15.50    -2.18%

PHENIXINS 34.00 
0.30    0.89%

PHOENIXFIN 36.90 
-1.10    -2.89%

PHPMF1 4.80 
-0.10    -2.04%

PIONEERINS 36.60 
2.10    6.09%

PLFSL   5.20    
0.00    0.00%

POPULAR1MF 4.50 
0.00    0.00%

POPULARLIF 108.90 
1.90    1.78%

POWERGRID 59.00 
0.10    0.17%

PRAGATIINS 34.90 
2.90    9.06%

PRAGATILIF 124.90 
7.50    6.39%

PREMIERBAN 15.10 
0.10    0.67%

PREMIERCEM 76.80 
0.80    1.05%

PREMIERLEA 10.80 
-0.20    -1.82%

PRIME1ICBA 6.20 
0.20    3.33%

PRIMEBANK 18.70 
0.10    0.54%

PRIMEFIN 10.00 
0.00    0.00%

PRIMEINSUR 21.10 
1.00    4.98%

PRIMELIFE 65.00 
5.80    9.80%

PRIMETEX 34.80 
1.60    4.82%

PROGRESLIF 73.20 
2.20    3.10%

PROVATIINS 41.10 
-0.50    -1.20%

PTL   73.90    
0.10    0.14%

PUBALIBANK 28.10 
-0.40    -1.40%

PURABIGEN 18.80 
1.70    9.94%

QUASEMIND 46.20 
-0.40    -0.86%

QUEENSOUTH 40.50 
1.50    3.85%

RAHIMTEXT 411.00 
-5.00    -1.20%

RAKCERAMIC 41.50 
-0.10    -0.24%

RANFOUNDRY 145.80 
-2.50    -1.69%

RDFOOD 15.90 
0.30    1.92%

RECKITTBEN 2528.30 
-4.30    -0.17%

REGENTTEX 19.10 
1.40    7.91%

RELIANCE1 9.50 
-0.10    -1.04%

RELIANCINS 53.00 
1.20    2.32%

RENATA 1171.10 
10.30    0.89%

RENWICKJA 1354.00 
-13.30    -0.97%

REPUBLIC 30.60 
2.70    9.68%

RNSPIN 9.30 
0.30    3.33%

RSRMSTEEL 52.90 
1.20    2.32%

RUPALIBANK 41.40 
-0.30    -0.72%

RUPALIINS 24.20 
1.60    7.08%

RUPALILIFE 104.80 
4.10    4.07%

SAFKOSPINN 18.90 
0.40    2.16%

SAIFPOWER 22.20 
0.40    1.83%

SAIHAMCOT 30.40 
0.70    2.36%

SAIHAMTEX 57.50 
4.80    9.11%

SALAMCRST 30.20 
0.00    0.00%

SALVOCHEM 17.50 
0.10    0.57%

SAMATALETH 57.80 
-5.50    -8.69%

SAMORITA 72.10 
-0.90    -1.23%

SANDHANINS 29.70 
2.50    9.19%

SAPORTL 26.80 
0.20    0.75%

SAVAREFR 112.60 
-12.50    -9.99%

SEBL1STMF 12.60 
0.10    0.80%

SEMLIBBLSF 6.80 
0.00    0.00%

SEMLLECMF 7.00 
-0.10    -1.41%

SHAHJABANK 26.80 
-0.20    -0.74%

SHASHADNIM 55.30 
0.70    1.28%

SHEPHERD 40.40 
1.20    3.06%

SHURWID 40.10 
1.60    4.16%

SHYAMPSUG 31.40 
0.00    0.00%

SIBL   16.20    
0.10    0.62%

SILVAPHL 31.90 
0.40    1.27%

SIMTEX 36.80 
2.70    7.92%

SINGERBD 237.00 
-2.70    -1.13%

SINOBANGLA 52.70 
1.40    2.73%

SKTRIMS 53.30 
4.00    8.11%

SONALIANSH 670.00 
-18.80    -2.73%

SONARBAINS 61.00 
1.50    2.52%

SONARGAON 35.70 
-1.00    -2.72%

SOUTHEASTB 16.60 
0.30    1.84%

SPCERAMICS 14.30 
-0.50    -3.38%

SPCL   95.30    
-0.50    -0.52%

SQUARETEXT 48.40 
0.30    0.62%

SQURPHARMA 263.50 
-1.20    -0.45%

SSSTEEL 37.80 
0.40    1.07%

STANCERAM 170.00 
-2.30    -1.33%

STANDARINS 39.20 
2.70    7.40%

STANDBANKL 11.30 
0.20    1.80%

STYLECRAFT 879.80 
-11.40    -1.28%

SUMITPOWER 42.80 
0.30    0.71%

SUNLIFEINS 29.40 
2.00    7.30%

TAKAFULINS 28.80 
1.50    5.49%

TALLUSPIN 6.20 
-0.10    -1.59%

TITASGAS 39.40 
-0.20    -0.51%

TOSRIFA 22.30 
0.90    4.21%

TRUSTB1MF 5.00 
0.00    0.00%

TRUSTBANK 35.40 
0.30    0.85%

TUNGHAI 4.50 
-0.20    -4.26%

UCB   18.10    
-0.10    -0.55%

UNIONCAP 14.30 
-0.40    -2.72%

UNIQUEHRL 54.00 
0.70    1.31%

UNITEDAIR 2.70 
-0.10    -3.57%

UNITEDFIN 24.20 
-0.50    -2.02%

UNITEDINS 77.90 
-4.50    -5.46%

UPGDCL 389.50 
-9.30    -2.33%

USMANIAGL 110.40 
-1.30    -1.16%

UTTARABANK 28.70 
-0.10    -0.35%

UTTARAFIN 69.80 
1.40    2.05%

VAMLRBBF 8.00 
0.40    5.26%

VFSTDL 60.20 
3.70    6.55%

WATACHEM 550.80 
0.20    0.04%

WMSHIPYARD 20.70 
0.20    0.98%

YPL   15.00    
0.10    0.67%

ZAHEENSPIN 12.00 
0.40    3.45%

ZAHINTEX 10.90 
0.30    2.83%

ZEALBANGLA 44.00 
0.00    0.00%


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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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