BEXIMCO’s sukuk brings 5.8pc return for first 6 months

Beximco Green Sukuk al Istisna’a will give 5.8 per cent or Tk 174 crore as return to its sukukholders for the first six months of the first year.The trustee Investment Corporation of Bangladesh made the decision at a trustee committee meeting on June 2

The trustee set June 22 as record date for finding the eligible sukukholders for the entitlement of the return. The 5.8 per cent return would be payable on face value of sukuk Tk 100 each. Earlier on July 8, 2021, the BSEC gave approval to BEXIMCO for issuing Tk 3,000 crore Shariah-compliant green Sukuk and the sukuk made debut on January 13 this year.

Beximco Green Sukuk al Istisna’a is issued by Beximco Green-Sukuk Trust as an asset backed Shariah compliant security and the proceeds received from the subscription will be utilised for solar projects of Teesta Solar Ltd and Korotoa Solar Ltd. The tenure of the green Sukuk is five years or 60 months from the issuance date. The face value of each Sukuk is Tk 100 and the minimum subscription is Tk 5,000 or 50 green Sukuk.

The rate of return of the Sukuk is 9 per cent in addition to margin. The margin will be 10 per cent of the difference between base rate (9 per cent) and annual dividend rate declared by BEXIMCO Limited. The profit of Beximco’s Sukuk will be paid on a semi-annual basis.

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