Beximco to raise another Tk 26.25bn in funds through bond sales

The Beximco Group has secured permission to issue bond offering again in a bid to raise funds.

The discount rate for Beximco First Unsecured Zero Coupon bond will be 15 percent, Bangladesh Securities and Exchange Commission said in a notice on Sunday.

The unsecured bond will be nonconvertible and redeemable, with Tk 50,000 issue price of every lot.

Beximco will repay bank loans and lend the constructor cash in the Mayanagar Project for development with the funds from the bond sales.

Sandhani Life Insurance will be the insurer and IFIC Investment Ltd will be the arranger of the bond.

Beximco released its Green Sukuk Al Istisna'a bonds, a Shariah-compliant debt instrument and the first of its kind, in January 2022. It raised Tk 30 billion from the bond offering.

Beximco took the decision to release the bonds as part of a push to mobilise funds for the solar power projects of Teesta Solar and Korotoa Solar, the subsidiaries of Beximco Power Company Ltd.

The proceeds from the Sukuk, maturing in five years, will also be used to finance the machinery and equipment required for the expansion of Beximco's textile division.