The signing ceremony of Islamic Shariah compliant Sukuk Al Istisna for Tk 3,000 crore took place between Bangladesh Export Import Company Limited (Beximco) and City Bank Capital Resources Limited on Sunday.
Beximco Ltd is the originator of the issue and City Bank Capital is the arranger, adviser and issue manager of this issue.
This Secured Convertible Asset Backed Sukuk will be issued (subject to BSEC approval) for the purpose of construction of the solar projects of Teesta Solar Ltd. and Korotoa Solar Ltd. the two subsidiaries of Beximco Power Company Ltd. and for financing and refinancing of the machineries and equipment required for the expansion of Beximco's textile division.
Face value has been set at Tk 100. Minimum subscription size is Tk 5,000 and tenure is five years. Profit rate is 9 per cent p.a. or above.
Osman Kaiser Chowdhury, group director and chief executive officer, Power and Engineering, Beximco Group and Ershad Hossain, managing director and CEO, City Bank Capital, have signed the agreement on behalf of the respective parties.
Other high officials of Beximco Group and subsidiary companies and City Bank Capital were present in the signing ceremony.
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