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DSE allows listing of IFIC-guaranteed bond on alternative trading board

A member of the DSE board, seeking anonymity, told The Business Standard that the board during its Wednesday meeting authorised the listing and commencement of trading of the bond starting from Thursday.

The Dhaka Stock Exchange (DSE) has approved the listing of the IFIC Guaranteed Sreepur Township Green Zero Coupon Bond on the alternative trading board (ATB).

A member of the DSE board, seeking anonymity, told The Business Standard that the board during its Wednesday meeting authorised the listing and commencement of trading of the bond starting from Thursday.

In July last year, the Bangladesh Securities and Exchange Commission (BSEC) approved Sreepur Township Limited to raise Tk1,000 crore (with a face value of Tk1600cr) through private placement for issuing a bond with a five-year tenure.

Subsequently, in October 2023, the BSEC sanctioned the commencement of the subscription process for the IFIC Guaranteed Sreepur Township Green Zero-coupon bond.

Following the completion of the subscription, Sreepur Township submitted an application to the DSE for listing on the ATB in December.

According to the information memorandum (IM) of the bond, Sreepur Township Limited is raising capital through bonds to fund the development, construction, and sale of the Sreepur Township Green Real Estate Project.

The project encompasses 76 lakh square feet of space in Gazipur, including 53 lakh square feet for commercial purposes and 23 lakh square feet for residential use. The total land area for the project spans 37 acres, with an anticipated project cost of Tk6,095 crore and expected revenue of Tk6,585 crore.

The yield to maturity ranges from 12% to 12.68% per annum. IFIC Bank serves as the guarantor, IFIC Investment acts as the arranger, and Sandhani Life Insurance Limited functions as the trustee for the bond.

Source: The Business Standard

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