Pran Agro, a prominent agricultural company, has announced its plan to raise Tk 262.5 crore through the issuance of bonds. The Bangladesh Securities and Exchange Commission (BSEC) granted approval for the bond in a recent commission meeting, as stated in a press release. The bond will be guaranteed, unsecured, transferrable, redeemable, and non-convertible, offering a competitive coupon rate of 8.88 percent.
This marks Pran Agro’s second bond issuance, following its successful raise of Tk 210 crore through the issuance of its inaugural bond in 2021. Each unit of the bond carries a face value of Tk 10 lakh. The funds raised from this initiative will be allocated towards various strategic objectives, including the development of office and factory infrastructure, acquisition of advanced machinery, and repayment of existing loans.
To ensure proper management and oversight, Green Delta Capital has been appointed as the trustee of the bond, while Riverstone Capital will act as the arranger. The BSEC has made it a requirement for the bond to be listed on the alternative trading board, further enhancing transparency and accessibility for investors.