The regulatory authority or BSEC has allowed Beximco to interchange Sukuk un-subscription amount between the initial public offering and the private placement.
BEXIMCO also appealed to the BSEC to extend the subscription tenure for both private offer and IPO until September 30. But BSEC denied this offer in the consent letter.
According to the regulatory rule, if any company’s IPO is undersubscribed, the underwriter of the IPO is responsible for addressing the issue.
Prior to July 8, BEXIMCO was permitted to issue Tk 3,000 crore Shariah-compliant Sukuk. The face value of each Sukuk is Tk 100 and minimum subscription is Tk 5,000 and tenure is 5 years.
Source: New Age
