The Beximco Green-Sukuk Al Istisna – the first-ever asset-backed securities by a private sector entity in Bangladesh – subscription date for eligible investors have extended to 30 September for the second time.
Through the electronic subscription system, its subscription started on 16 August and continued till 23 August.
But due to the lower subscription than the allotment for Initial Public Offering (IPO), the time for subscription has been extended to 6 September first time.
After the extended time, the Sukuk is under subscription.
So, the Bangladesh Securities and Exchange Commission (BSEC) extended the time again.
Earlier, the BSEC allowed Bangladesh Export Import Company Limited to interchange Sukuk subscription amounts between IPO and private placement if any of them remains undersubscribed.
According to its information, a 25% or Tk750 crore of the green Sukuk was allotted for public offerings among the eligible investors (EI) and the general public (GP).
Up to 6 September, 72 bidders bid to get Sukuk units, which had cumulative value of Tk55.71 crore.
On 23 July, Beximco Ltd had secured approval from Bangladesh Securities and Exchange Commission (BSEC) to issue the Tk3000 crore securities.
Half of the Sukuk was allotted for private placement and the rest 25% was reserved for Beximco's existing shareholders who were holding the company shares on 19 July. They are entitled to subscribe.
An investor will have to subscribe to one or multiple lots of 50 units of the Sukuk having a face value of Tk100 each.
Beximco Limited would expand its textile unit alongside implementing two solar power projects under its power division with the Sukuk money.
Investment Corporation of Bangladesh is the trustee of the Sukuk, while City Bank Capital Resources Ltd and Agrani Equity and Investment Ltd are jointly working as issue managers.