The Financial Express
ACI Limited approved 20 per cent convertible zero coupon bonds for its shareholders.
The approval came at the extra-ordinary general meeting (EGM) of the company in the city Sunday, said a press release.
ACI Chairman M Anis Ud Dowla presided over the EGM in presence of a large number of shareholders.
The shareholders approved the proposal of issuing tradeable zero coupon bonds of Tk 1.0 billion with face value of Tk 1.34 billion subject to the approval of Securities and Exchange Commission (SEC) through Dhaka and Chittagong Stock Exchanges.
The total number of bonds will be 1,335,850. The total number of lots will be 267,170. Issue price of each lot will be Tk 3,743. No interest will be payable on periodical basis. Bonds will be issued at discounted value but will be payable at face value.
The difference between the issue price and repayment value will be interest income to the bondholders.
The effective interest rate (discount rate) will be 10.5 per cent per annum. Five bonds in a lot will have five different maturity dates at the end of each year and one bond from a lot will mature.
At maturity of each respective bond, repayment will be made in cash to the extent of 80 per cent and rest 20 per cent will be converted into ordinary shares of the company.
ACI Limited approved 20 per cent convertible zero coupon bonds for its shareholders.
The approval came at the extra-ordinary general meeting (EGM) of the company in the city Sunday, said a press release.
ACI Chairman M Anis Ud Dowla presided over the EGM in presence of a large number of shareholders.
The shareholders approved the proposal of issuing tradeable zero coupon bonds of Tk 1.0 billion with face value of Tk 1.34 billion subject to the approval of Securities and Exchange Commission (SEC) through Dhaka and Chittagong Stock Exchanges.
The total number of bonds will be 1,335,850. The total number of lots will be 267,170. Issue price of each lot will be Tk 3,743. No interest will be payable on periodical basis. Bonds will be issued at discounted value but will be payable at face value.
The difference between the issue price and repayment value will be interest income to the bondholders.
The effective interest rate (discount rate) will be 10.5 per cent per annum. Five bonds in a lot will have five different maturity dates at the end of each year and one bond from a lot will mature.
At maturity of each respective bond, repayment will be made in cash to the extent of 80 per cent and rest 20 per cent will be converted into ordinary shares of the company.
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