Runner Automobiles PLC is a Debt-ridden listed company. The company is in debt of 1 thousand 602 crore 67 lakh 80 thousand taka. Bangladesh Securities and Exchange Commission (BSEC) has approved the company to release bonds and withdraw Tk. 267 crore 50 lakhs to deal with this debt burden.
This decision was taken in the 872nd meeting of BSEC on Monday (June 19). BSEC Executive Director and Spokesperson Mohammad Rezaul Karim said it is a seven-year unsecured, redeemable, non-convertible, granted and sustainability bond. The coupon rate of that bond will be fixed between 8.50 and 9.
The money raised through the bond will be used to provide credit facilities to the company’s customers, build solar plants and meet the cost of the bond issue. The lead arranger for this bond is Green Delta Capital Limited. And its trustee is DBH Finance PLC.
According to the data for the year ended June 30, 2022, the company has a bank loan of Tk. 1,602 crore 67 lakh 80 thousand. Among them, there are short term loans of Tk. 970 crore 97 lakh 90 thousand, and long term loans of Tk. 631 crore 69 lakh 90 thousand. There are also allegations of tax evasion against the company.