The Securities and Exchange Commission on Tuesday allowed Argon Denims Ltd to raise Tk 132 crore through an initial public offering issuing 3 crore ordinary shares with an offer price of Tk 44 each share including a premium of Tk 34. The company will use the IPO money to repay bank loans, to meet IPO issuance cost and for business expansion. The earning per share of Argon Denims was Tk 5.46 as on December 31, 2011. LankaBangla Investment is the issue manager. The SEC on Tuesday also allowed broadband service provider Banglalion Communication Ltd to issue convertible zero coupon bonds worth of Tk 130 crore. The face value of the Banglalion bond will be Tk 5,000 each and only institutional investors will be allowed to get the units through private placement. The bond is 15 per cent yield to maturity and 10 per cent of the size of the bond is convertible to shares with duration of three to seven years. Banglalion will use the money for broadband wireless excess project. The issue manager and trusty of the Banglalion Communication bond is IIDFC. The SEC on the day fined Apollo Ispat’s issue manager ICB Capital Management and its auditor firm Joha Zaman Kabir Rashid and Co Tk 1 lakh each for placing false information on the company’s IPO prospectus. Apollo Ispat’s valuer company Masih Muhith Haque Co was also fined Tk 2 lakh on the same ground.