Economic Correspondent: The date of acceptance of application for Sukuk Bond (Islamic Shariah compliant) proposed by Bangladesh Export Import Company (Beximco) has been fixed. Applications for the bond will be accepted from August 16. The application for the bond will be accepted till August 23. Dhaka Stock Exchange (DSE) sources said.
According to the data, Beximco will raise Rs 3,000 crore from the stock market through the issue of Asset Backed Green Sukuk. The term of this bond is five years. It can be convertible or redeemable. That means a portion of the bond may have the opportunity to be converted into ordinary shares. Again there may be an option of complete termination of the expiration date.
Within five working days of receiving the letter of intent, Sukuk must submit the proposed Trustee Registration Certificate and the final Subscription Agreement with the Trust DD approved by the Commission. After receiving these, the commission will issue a letter of consent.
Of the Rs 3,000 crore in bonds, Rs 650 crore will be raised from existing shareholders and Rs 1,500 crore from non-shareholders. The remaining Tk 650 crore bonds will be issued through initial public offering (IPO).
The face value of Sukuk will be 100 rupees per unit. And the minimum lot of this bond will be 50 units. As such, the price of one lot is five thousand rupees. The minimum term repayment rate of the bond will be 9 percent.
The money raised through Sukuk will be invested in Beximco’s two affiliates. The two companies are Teesta Solar Limited and Karatoya Solar Limited. These two companies will generate solar power and thereby play a role in environmental development and conservation. Citibank Capital Resources Limited and Agrani Equity and Investment Limited are the issue managers, arrangers and advisors of Beximco’s Sukuk. The trustee is the state-owned Investment Corporation of Bangladesh (ICB). Earlier, on June 23, the 69th meeting of the Bangladesh Securities and Exchange Commission (BSEC) decided to issue Sukuk bonds to the company.