June 19, Dhaka: Standard Chartered Bangladesh has raised Tk 160 crore (approximately US$ 20 million) for RajLanka Power Company Ltd, which owns and operates a 53-megawatt heavy fuel oil-fired independent power plant in Natore, to help the electricity producer refinance its existing preference shares to reduce overall cost.
RajLanka Power Company, based in Rajshahi, Bangladesh, is a subsidiary of Sri Lanka's LTL Holdings (Pvt) Ltd,
This is the first preference share transaction arranged by Standard Chartered Bangladesh. The facility is also known as the non-convertible redeemable cumulative preference share, the bank said in a statement.
The closing ceremony took place at the Westin Dhaka hotel. At the event, UD Jayawardana, CEO of LTL Holdings, thanked StanChart for facilitating the transaction which will help the company expand its business in Bangladesh.
Abrar A Anwar, CEO of the bank, said: "We are delighted to be the mandated lead arranger for this landmark transaction. As a committed partner in progress to the nation, we strive to bring in innovative products to the market"