Bangladesh Export Import Company (Beximco) set the record date on July 19 for entitlement of rights to the existing shareholders of the company to subscribe the asset-backed Beximco Green-Sukuk al Istisna for Tk 7.50 billion under private offer.
The Beximco at a board meeting on Monday set the record date for existing shareholders to participate in the subscription of Sukuk through private placement, the company said in a filing with the Dhaka Stock Exchange (DSE) on Tuesday.
The company set the record date to find out the shareholders of Beximco to allow them subscribing to Sukuk worth Tk 7.50 billion.
The stock market regulator has accorded consent to Beximco as originator for issuance of Beximco Green-Sukuk Bond of Tk 30 billion on July 8 last.
Of Tk 30 billion, Tk 15 billion will be raised through private placement, Tk 7.50 billion from the existing shareholders of Beximco as rights option under private offer and Tk 7.50 billion through IPO (initial public offering).
Public offering of Shariah compliant Sukuk issued by Beximco will begin on August 17 and will continue until August 23.
The company will complete issuance of Sukuk to all investors by August 31 this year.
Beximco Green Sukuk al Istisna'a shall be issued by Beximco Green-Sukuk Trust as asset backed Shariah compliant security.
Beximco will utilise the proceeds received from the subscription for implementing the solar projects of Teesta Solar and Korotoa Solar to produce electricity from renewable energy and transmit to the national grid.
The company will also utilise the proceeds for expansion project financing and refinancing (non-interest bearing) of the textile machineries for expansion of the textile division of the Beximco which shall ensure energy efficient production including waste water treatment waste prevention and recycling, according to the filing.
The tenure of the asset-backed green-sukuk will be five years and the offer price of the bond will be Tk 100 per unit.
The minimum subscription amount of the bond is Tk 5,000 and the market lot consists of 50 units.
The minimum periodic profit distribution rate is 9.0 per cent.
Investment Corporation of Bangladesh (ICB) is the trustee, and City Bank Capital Resources and Agrani Equity and Investment are issue manager of the Sukuk.
Each share of the Beximco, which was listed on the DSE in 1989, closed at Tk 96.60 on Tuesday, gaining 2.55 per cent over the previous day. Its shares traded between Tk 13 and Tk 101.30 in the last one year.
The company has reported earnings per share (EPS) of Tk 2.38 for January-March 2021 as against Tk 0.12 for January-March 2020.
Its nine months EPS rose to Tk 4.30 for July 2020-March 2021 as against Tk 0.66 for July 2019-March 2020.
The company provided 5.0 per cent cash dividend for the year ended on June 30, 2020.
The company's paid-up capital is Tk 8.76 billion, authorised capital is Tk 10 billion and the total number of securities is 876.31 million.
The sponsor-directors own 30.55 per cent stake in the company while the institutional investors own 15.18 per cent, foreign investors 1.47 per cent and the general public 52.80 per cent as of May 31, 2021, the DSE data shows.