BSRM Steels to issue zero coupon bond

BSRM Steels Ltd, a unit of Bangladesh Steel Re-rolling Mills (BSRM) has planned to issue Zero Coupon Bond of Tk 2,000 million.
"The company has informed that the Board of Directors of the company has decided to issue Zero Coupon Bond of Tk 2,000 million subject to the approval from the Bangladesh Securities and Exchange Commission," said a Dhaka Stock Exchange (DSE) website news on Sunday.
The proceeds will be used for capital expenditure/ refinancing of costly loans and equity investment in the power project of BSRM Group of Companies, according to the disclosure.
BSRM Steels, the Chittagong-based company was listed on the Dhaka bourse in 2009. The engineering sector company belongs to 'A' category, according to DSE website information.
Of the total shares - sponsor-directors own 70.87 per cent, intuitions 15.41 per cent, foreign investors 0.35 per cent and public  13.37 per cent shares.
Presently, the company's authorised capital is Tk 5000 million and paid-up capital is Tk 3,417.8 million.
The company's per share price closed at Tk 73.9 on Sunday, registering a decline of 2.38 per cent on the Dhaka bourse despite the news.
babulfexpress@gmail.com