Beximco Seeks Approval from BSEC to Issue BDT 30 Billion Sukuk for Solar Projects Construction

The Bangladesh Export Import Company Limited (Beximco) has filed an application with the Bangladesh Securities and Exchange Commission (BSEC) on the 29th of April 2021 to issue five-year Sukuk worth BDT 30 billion with a 9% minimum profit rate per annum, according to local media reports. Half of the Sukuk will be raised through private placement, with BDT 7.5 billion raised through existing company shareholders, and the remaining BDT 7.5 billion raised via an initial public offering.

Why it Matters?

The Sukuk will be the largest issuance in Bangladesh’s private sector. The secured convertible asset-backed Sukuk will be issued for the construction of solar projects of Beximco Power Company’s two subsidiaries, Teesta Solar and Korotoa Solar...