Northern Power to float Tk 1.75b bond
Tuesday, 26 April 2011
FE Report
Northern Power Solution Limited Monday signed a trust deed with Investment Corporation of Bangladesh (ICB) to float a Tk 1.75 billion styled 'Northern Power Solution Bond' to raise capital from the market. Managing Director of Northern Power Solution Ltd Engr. Md. Enamul Haque, MP, and Managing Director of ICB Mr. Fayekuzzaman signed the deed at the ICB office on behalf of their respective companies as sponsor and trustee of the bond. ICB capital Management Ltd. will act as the issue manager to the bond, 50 per cent convertible after maturity. The company will offer 1.75 million bonds at the issue price of Tk 1,000 per bond at an 18 percent interest to institutional investors to establish a power plant at Katakhali in Rajshahi. The redemption period of the bond is four and half years, including six months grace period. After the maturity, 50 per cent of it will be allowed to be converted into shares at the prices of IPO instead of face value.
Northern Power Solution Limited Monday signed a trust deed with Investment Corporation of Bangladesh (ICB) to float a Tk 1.75 billion styled 'Northern Power Solution Bond' to raise capital from the market. Managing Director of Northern Power Solution Ltd Engr. Md. Enamul Haque, MP, and Managing Director of ICB Mr. Fayekuzzaman signed the deed at the ICB office on behalf of their respective companies as sponsor and trustee of the bond. ICB capital Management Ltd. will act as the issue manager to the bond, 50 per cent convertible after maturity. The company will offer 1.75 million bonds at the issue price of Tk 1,000 per bond at an 18 percent interest to institutional investors to establish a power plant at Katakhali in Rajshahi. The redemption period of the bond is four and half years, including six months grace period. After the maturity, 50 per cent of it will be allowed to be converted into shares at the prices of IPO instead of face value.