Envoy Textile to issue zero coupon bond

Dhaka,  Wed,  23 August 2017
Published : 18 Jun 2017, 11:46:28
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Envoy Textile to issue zero coupon bond

FE Online Report
The board of directors of Envoy Textile has decided to issue a 5 year series Zero Coupon Bond with face value of Tk 1,500 million at a discounted value of Tk 1,224.24 million through private placement to the potential investors, said an official disclosure on Sunday.

The bond issue is subject to approval of Bangladesh Securities and Exchange Commission (BSEC) for capital investment in strengthening the production facilities and for settle up the existing high cost debt, said the disclosure.

According to the disclosure, the said Zero Coupon Bond shall be redeemable, non-convertible in nature with a discount rate of 7.75 per cent and to be issued in series with maturities starting from 6 months to 5 years.

An investor will have to subscribe across all 10 tenures (each semiannual periods) proportionately.

Repayment of Bond shall be started from the end of 6th month from the closing date and be redeemed in 10 semi-annual tranches.

Each share of the company, which was listed on the Dhaka bourse in 2012, closed at Tk 37.50 on Thursday on DSE.

-bb/rmc//

 

 
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