Dhaka, July 7 -- Bangladesh Securities and Exchange Commission (BSEC) on Tuesday approved United Commercial Bank PLC's (UCB) proposal to raise Tk 775.18 crore through a rights share issue, alongside clearing the draft prospectus of a new open-end mutual fund.

The decisions were taken at the commission's 1019th meeting, held at its Agargaon office and chaired by BSEC Chairman Masud Khan.

Under the approved plan, UCB will issue 77,51,87,549 ordinary shares at a face value of Tk 10 each on a 1:2 rights basis, meaning one rights share for every two existing shares held.

The bank will use the proceeds to support its regular business operations, the commission said.

In a separate decision, the commission approved the draft prospectus and ab...