Pran-RFL's concern Banga Building to raise Tk 300 crore

Banga Building Material Ltd, a sister concern of Rangpur Foundry Limited (RFL), is going to raise a fund of Tk 300 crore through issuing a Sukuk.

The fund will be utilised to finance the purchase of machineries and equipment required for the expansion of the company.

To raise the fund, Banga Building appointed City Capital as a arrenger and issue adviser.

Uzma Chowdhury, director for finance at Pran-RFL Group, and Ershad Hossain, managing director and CEO of City Bank Capital, signed an agreement in this regard at a programme in the headquarters of City Bank in Dhaka today.

In last May, Pran Agro has issued a non-convertible and redeemable bond worth Tk 210 crore or $25 million with 100 per cent credit guarantee from a global company, a first of its kind in Bangladesh.

GuarantCo, a concern of Private Infrastructure Development Group (PIDG), gave the credit guarantee to the bond.