Genex Infosys to issue Tk150cr bond
The coupon rate of the bond shall be floating on a semi-annual basis.
Genex Infosys Limited, a leading IT solutions provider in Bangladesh, will issue a partially-convertible and redeemable bond worth Tk150 crore to repay bank loans and expand its business.
The company made the decision in a meeting of its board of directors held in the city yesterday. The board approved annual financials for fiscal year 2022-23 as per price sensitive information.
The bond will be issued through a private offer with a tenure of five years, which is subject to approval of shareholders in the annual general meeting (AGM) and the Bangladesh Securities and Exchange Commission.
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The coupon rate of the bond shall be floating on a semi-annual basis.
As of March 2023, its long-term loan amount was Tk27.47 crore, while short-term loan was Tk57.22 crore. Issuing the bond, the company will partially repay the loan from the raised fund.
In November last year, Genex Infosys got the work of installing electronic fiscal devices and sales data controllers for the National Board of Revenue.
The company will also monitor the operation of the devices to be installed to ensure proper collection of value-added tax at thousands of retail and wholesale stores in Dhaka and Chattogram.
According to its financials, Genex Infosys has recommended a 6% cash, and a 4% stock dividend for its shareholders.
Earlier, in the previous fiscal year, it had paid an 11% cash and 2% stock dividend to its shareholders.
The company has reported a slight increase in its consolidated earnings per share (EPS) at Tk3.32 in FY23, which was Tk3.30 in the previous fiscal year.
The consolidated net asset value per share increased to Tk19.24, which was Tk16.53 in FY22.
The annual general meeting (AGM) will be held on 24 December through the digital platform, identifying shareholders of the company whose record date has been fixed on 24 November.
