Sukuk holders get Beximco shares at Tk86.7 each

The unit holders of Beximco Green-Sukuk Al Istisna, which was floated in 2021, have received 23.46 lakh Beximco Limited shares at Tk86.7 each under the process of converting some Sukuk units into shares in the second year.

A total of 62 Sukuk investors had applied for the conversion. Among them, 48 applied to convert 20% and 14 applied to convert 40% of their holdings into shares, according to a stock exchange filing on Wednesday.

Now, after this conversion, a total of 28.09 crore Sukuk is left in the market, the disclosure reads.

Earlier, over 1.96 crore new shares were credited to the beneficiary accounts of 325 Sukuk investors for the first year.

Beximco Limited shares have been stuck at the floor price of Tk115.6 apiece since November last year at the Dhaka Stock Exchange (DSE).

As the first private sector company in the country, Beximco floated the Tk3,000 crore Sukuk to finance its two solar power plants and textile division's green expansion.

The investors, mainly banks and some other institutions, have the right to convert 20% of their Sukuk units a year into Beximco shares at 25% discounts from the 20-day average closing price of the shares prior to the record date. Unexecuted conversion rights can also be exercised in later years.

On Wednesday, the Sukuk, which has a face value of Tk100 per unit, traded at Tk85 on the DSE.