Eastern Bank arranges Tk 450m syndicated loan for Everest Power
FE Report | Thursday, 19 June 2008
Eastern Bank Ltd arranged a syndicated facility for advancing Tk 450 million medium term loan and Tk 200 million preference share for establishing a 25.17-MW capacity power plant, Everest Power Generation Company Ltd (EPGCL), a unit of Meghna Group of Industries, at Meghnaghat in Sonargaon of Narayanganj district.
The total cost of the project is Tk 1.2 billion (1,201.06 million) of which 37.45 per cent is being financed by the syndicated loan and 16.64 per cent by preference share.
The project is expected to come into operation by the end of 2008. A total of 11 banks of the country participated in the syndicated lending and equity financing in the form of preference share.
The signing ceremony of agreements to this effect was held at Dhaka Sheraton Hotel Tuesday.
Managing Director Mostofa Kamal, Executive Director Mohammad Jasim Uddin and other senior officials of Meghna Group of Industries, Managing Director-cum-CEO Ali Reza Iftekhar of lead bank EBL, and the managing directors, chief executive officers and other executives of the participating banks were present on the occasion.
The participating banks are: AB Bank Ltd, Bangladesh Commerce Bank Ltd, Bangladesh Krishi Bank, Bangladesh Shilpa Rin Shangstha, Eastern Bank Ltd (EBL), Mutual Trust Bank Ltd, Pubali Bank Ltd, Shahjalal Islami Bank Ltd, Social Investment Bank Ltd, The City Bank Ltd and Uttara Bank. EBL is the agent and account bank for this transaction.
The total cost of the project is Tk 1.2 billion (1,201.06 million) of which 37.45 per cent is being financed by the syndicated loan and 16.64 per cent by preference share.
The project is expected to come into operation by the end of 2008. A total of 11 banks of the country participated in the syndicated lending and equity financing in the form of preference share.
The signing ceremony of agreements to this effect was held at Dhaka Sheraton Hotel Tuesday.
Managing Director Mostofa Kamal, Executive Director Mohammad Jasim Uddin and other senior officials of Meghna Group of Industries, Managing Director-cum-CEO Ali Reza Iftekhar of lead bank EBL, and the managing directors, chief executive officers and other executives of the participating banks were present on the occasion.
The participating banks are: AB Bank Ltd, Bangladesh Commerce Bank Ltd, Bangladesh Krishi Bank, Bangladesh Shilpa Rin Shangstha, Eastern Bank Ltd (EBL), Mutual Trust Bank Ltd, Pubali Bank Ltd, Shahjalal Islami Bank Ltd, Social Investment Bank Ltd, The City Bank Ltd and Uttara Bank. EBL is the agent and account bank for this transaction.