Alif Industries Limited - a listed textile firm - will issue a Tk300 crore floating rate, convertible bond for acquiring and bringing scam-hit C & A Textile back in production.
The money will help Alif Industries to clear bank liabilities of C & A, procure machinery for the company and also provide the working capital for reopening the factory, said the Bangladesh Securities and Exchange Commission (BSEC) in a press release on Monday.
The bond will be privately placed, but must be traded in the alternative trading board of the bourses, reads the BSEC press statement.
Bangladesh General Insurance Company Ltd will be the trustee and Bengal Investment Ltd will be the issue manager of the bond.
The face value of the bond units will be Tk1 lakh each.