Beximco Limited has unveiled a plan to raise Tk1,500 crore through a zero-coupon bond to support investments in Sreepur Township Limited’s multi-purpose real estate endeavor in Gazipur. The conglomerate, in a recent stock exchange filing, indicated that the bond issuance awaits approval from the Bangladesh Securities and Exchange Commission (BSEC). While specifying that the proceeds would also be utilized for loan repayments, Beximco refrained from detailing the allocation breakdown between Sreepur Township’s investment and loan settlements.
The bond, characterized as secured, redeemable, non-convertible, and non-tradable with a 15% discount to investors, mirrors a prior successful bond issuance by Sreepur Township with IFIC Bank’s backing. The previous bond sale, branded as “IFIC Amar Bond,” attracted 7,173 investors within a month, raising Tk1,000 crore. Sreepur Township intends to repay Tk1,600 crore to investors upon maturity of the bonds, which are currently traded on the alternative trading board at the DSE.
Moreover, Beximco Limited has embarked on a joint venture with Sreepur Township for the development of the “Mayanagar” project, a sprawling mixed-use real estate initiative on a 100-acre tract along the Nabinagar-Chandra Highway in Gazipur. Beximco holds a 75% stake in the project, with the remaining 25% owned by Sreepur Township. The profit-sharing arrangement stipulates proportional distribution between the two entities.
Described as a fully secured, gated, and self-contained township, Mayanagar is envisioned to comprise 18,000 apartments and a diverse array of amenities spanning healthcare, education, entertainment, sports, and recreation. With a projected cost of Tk6,095 crore and expected revenue of Tk6,585 crore, the project emphasizes eco-friendly development practices and aims to integrate commercial spaces, including serviced apartments, hotels, offices, a convention center, and a shopping mall.
Sreepur Township, incorporated in March 2023 with a paid-up capital of Tk335 crore, aligns with Beximco’s strategic diversification efforts amid challenging fiscal conditions. Notably, Beximco reported a 64% year-on-year revenue decline in the July–December period of the ongoing fiscal year, primarily attributed to export and local demand downturns. Despite such challenges, the conglomerate remains committed to its expansion endeavors, including the ongoing venture with Sreepur Township.