Pran, Runner to issue Tk530cr bonds

The Bangladesh Securities and Exchange Commission (BSEC) has approved the bond proposals of Pran Agro Limited, and Runner Automobiles through which the two firms will raise funds worth Tk 530 crore.

The approval came at a commission meeting on Monday, said a BSEC statement. The stock market regulator approved the Tk 262.50 crore guaranteed, unsecured, transferrable, redeemable and non-convertible bond in favour of Pran.

Meanwhile, Runner automobiles, according to the regulatory approval, has been allowed to issue a non-convertible, unsecured, redeemable, guranteed, sustainability bond worth Tk 267.50 crore.

The coupon rate of Runner’s bond will be from 8.50 to 9 per cent, while per unit price of the bond will be Tk 10 lakh. Eligible investors would have to buy the bond units through private placements.

DBH Finance PLC acts as the trustee for the bond, while Green delta capital Limited is the mandated issue manager and arranger for it. On the other hand, the coupon rate of the Pran agro bond-2 will be from 8.88 per cent, while its per unit price will be Tk 10 lakh.

Green Delta capital acts as the trustee for the bond, while riverstone capital is the mandated issue manager and arranger for it. The bond would be traded on an alternative trading board (ATB), as per regulatory approval.

The draft prospectus of the open-ended fund CWT-Community Bank Shariah Fund was also approved in the commission meeting. The initial target of the fund is Tk 25 crore. Of the fund amount, Community Bank Bangladesh will provide Tk 2.50 crore, and the remaining Tk 22.50 crore will be open to general investors.

Sandhani Life Insurance and BRAC Bank Limited will act as trustees and custodians of the fund, respectively.