FE REPORT
Anwar Galvanizing Ltd, a listed engineering firm, has announced plans to raise Tk 500 million by issuing bonds, with a significant portion earmarked for conversion into shares.
The company aims to secure the amount for business expansion and better profitability, with 90 per cent of the raised funds expected to be converted into shares at a later stage.
In a filing with the stock exchange on Sunday, the company said its board of director at a meeting on Saturday decided to issue bonds, subject to the prior approval of the stock market watchdog and other relevant authority. The maturity of the bond will be five years.
Of the amount, Tk 450 million bonds will be converted into ordinary shares of the company after five years.
The bond will have an interest rate of 9 per cent to 11 per cent a year and the money will be paid semi-annually.
Anwar Galvanizing plans to sell the proposed bonds to banks, NBFIs, insurance companies, corporate entities, high net-worth individuals, existing shareholders and general public.
The share price of Anwar Galvanizing has remained stuck at floor price at Tk 213.30 since June on the Dhaka Stock Exchange.
farhan.fardaus@gmail.com
Anwar Galvanizing to issue Tk 500m bonds
FE Team | Published: December 24, 2023 22:25:44
Anwar Galvanizing to issue Tk 500m bonds
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