City Bank Capital arranges preference shares for 2 Confidence power ventures
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FRIDAY, AUGUST 12, 2022
City Bank Capital arranges preference shares for 2 Confidence power ventures

Stocks

TBS Report
18 February, 2021, 09:50 pm
Last modified: 18 February, 2021, 10:00 pm

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City Bank Capital arranges preference shares for 2 Confidence power ventures

Confidence Power Bogra Ltd issued redeemable preference shares worth Tk79 crore and Confidence Power Bogra Unit-2 Ltd Tk70 crore

TBS Report
18 February, 2021, 09:50 pm
Last modified: 18 February, 2021, 10:00 pm
City Bank Capital arranges preference shares for 2 Confidence power ventures

City Bank Capital Resources Ltd, the investment banking subsidiary of The City Bank Ltd, has successfully arranged the complete subscription of Tk149 crore redeemable preference shares issued by two power ventures of Confidence Group.

Preference shares are temporary shares of a company against which investors get a fixed annual return and they have no voting right.

The shares are called preference shares because investors holding the instruments get the preference over common shareholders of the company when it comes to dividend disbursement and paying back the principal amount.

Confidence Power Bogra Ltd issued redeemable preference shares worth Tk79 crore and Confidence Power Bogra Unit-2 Ltd Tk70 crore which will not be converted into common shares.

Investors would receive 10.5% annual dividends, informed Ershad Hossain, the managing director of the arranger firm City Bank Capital.

A virtual closing ceremony of the two issues was held on Thursday evening, where prime minister's Private Industry and Investment Advisor Salman F Rahman spoke as the chief guest.

He stressed the introduction and popularisation of alternative capital market instruments such as various bonds, asset-backed securities and preference shares which offer investors a higher than average annual return.

"The alternative modes of financing projects are important for the economic development plan Bangladesh is pursuing."

"Also, the issuers and arrangers need to look for listing the instruments into the stock exchanges so that investors can exit anytime," he added.

Top executives of the institutional investors such as Uttara Bank, Pubali Bank, Meghna Bank, Community Bank Bangladesh, Midland Bank, IPDC, and United Finance, spoke on the occasion.

Confidence Group Chairman Engineer Rezaul Karim, Director Salman Karim, and Vice-Chairman Imran Karim also attended the programme.

Bangladesh / Top News

City Bank Capital / Stock / Bangladesh

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