BSEC rejects Baraka Power’s Tk 150cr bond issuance move

The Bangladesh Securities and Exchange Commission (BSEC) has rejected Baraka Power Limited's application aimed at issuing a Tk 150 crore fully redeemable non-convertible zero-coupon bond. 

The power producer disclosed it in a filing on the Dhaka Stock Exchange (DSE) yesterday. The post, however, did not explain why the application was rejected.

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An official of the BSEC said the application did not meet regulatory requirements.

Located in Sylhet's Fenchuganj, Baraka Power has an installed electricity generation capacity of 50 megawatts.

Shares of Baraka Power rose 1.79 per cent to Tk 22 on the DSE yesterday.