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Of the Tk 750-crore initial public offering of BEXIMCO’s Sukuk, 56.2 per cent or Tk 422 crore was subscribed.
Eligible investors brought Sukuk worth Tk 360 crore and general investors brought Sukuk worth Tk 62 crore, BEXIMCO officials said.
The Sukuk’s IPO will not be cancelled as the subscription was above the required level as per securities rules, Bangladesh Securities and Exchange Commission officials said.
The subscription of Sukuk through the IPO started on August 16 and continued till September 30 after the BSEC extended the subscription period for a couple of times.
BEXIMCO is the originator of the green Sukuk.
BEXIMCO officials said that underwriter would buy 20 per cent or Tk 150 crore of the Tk 750 crore Sukuk IPO as per rules.
So, the subscription would be Tk 572 crore and the rest Tk 178 crore of Sukuk’s IPO portion would go to the placement portion. As a result, the placement portion would increase to Tk 2,428 crore instead of Tk 2,250 crore.
Earlier on July 8, the BSEC gave the final approval to BEXIMCO for issuing Tk 3,000 crore Shariah-compliant green Sukuk.
Half of the Tk 3,000-crore fund will be raised through private placement and the Sukuk worth Tk 750 crore will be raised from the existing BEXIMCO shareholders.
The remaining Tk 750 crore was supposed to be raised through an IPO in compliance with the BSEC public offer rules.
The BSEC has allowed BEXIMCO to interchange the Sukuk subscription amount between the initial public offering and the private placement if any of them remains undersubscribed.
The subscription of Sukuk through IPO started on August 16 and it was supposed to end on August 23 but the time was extended till September 6.
As the Sukuk failed to attract investors, the BSEC extended the period for the last time to September 30.
Sukuk subscription through the private offer to existing shareholders and institutional investors or high net individuals began on July 25 and is going on.
Tenure of the green Sukuk is five years or 60 months from the issuance date.
The face value of each Sukuk is Tk 100 and minimum subscription is Tk 5,000 or 50 green Sukuk.
The minimum periodic profit distribution rate is 9 per cent.
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