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Bangladesh Securities and Exchange Commission has approved the preference share proposed by Envoy Textiles and a draft prospectus of an open-end fund called ‘UCB Taqwa Growth Fund’.
Envoy Textiles Limited was allowed to raise Tk 87 crore through the private placement by floating fully redeemable non-convertible cumulative preference share, said the BSEC in a statement on Thursday.
The tenure of the preference share is five years. The face value of the share is Tk 10 and the coupon rate ranges from 7 per cent to 7.50 per cent.
The fund will be raised for implementing the blended yarn project and the bank loan repayment.
The initial size of the open-end fund will be Tk 35 crore with Tk 10 per unit price. Of the fund, UCB Asset Management Company sponsored over 14 per cent or Tk 5 crore of the fund and the rest of the fund size will remain open for the general investors’ subscriptions.
