Deshbandhu Polymer to raise Tk 500cr through sukuk

Deshbandhu Polymer Limited, a listed polymer manufacturer, has decided to raise a fund of Tk 500 crore through sukuk.

Yesterday the company disclosed the information on the Dhaka Stock Exchange (DSE) website. After the disclosure, stocks the Deshbandhu rose 2.6 per cent to Tk 23.70.

The company said its board of directors approved the plan, which was subject to the approval of the Bangladesh Securities and Exchange Commission.

"The amount will be confirmed by the issue manager, including structuring specialist, which might be in the level of up to Tk 500 crore by sukuk and/or right issue and/or convertible option for sukuk, etc," it added.

The company's revenue dropped 20 per cent to Tk 4.94 crore from July 2020 to March 2021. Its net loss rose to Tk 2 crore from Tk 35 lakh.

Its net operating cash flow per share stood at Tk 1.22 which was Tk 3.42 in the same period of the previous year.

Deshbandhu's net asset value per share was Tk 10.16 on March 31, 2021 down from Tk 10.48 on June 30, 2020.