Green Delta Insurance Company Limited (DSE:GREENDELT) announced that it has entered into a term sheet for the issue of 5,100,000 ordinary shares of BDT 10 each for total proceeds of BDT 51,000,000 on July 26, 2012. The shares will be issued at a price equal to the average price for 6 months preceding the date of subscription, subject to maximum of BDT 165 per share on the date of subscription. The transaction was approved by the board of directors of the company. The company will issue the shares to new investor, International Finance Corporation. As part of the transaction, the investor will acquire 10% stake in the company. The transaction is further subject to approval from the management and the board of directors of the investor, the shareholders of the company, Securities and Exchange Commission, Insurance Development and Regulatory Authority, and all other relevant regulatory bodies. The transaction is further subject to execution of subscription agreement, shareholders agreement, policy agreement, and put option agreement between the company, sponsors of the company, and the investor. On closing, the paid up capital of the company will be increased to BDT 56,100,000.

On February 7, 2013, the company announced that it will issue 5,103,000 shares at BDT 10 per share for total proceeds of BDT 51,030,000. The transaction shall comply with the relevant laws and regulatory requirements. The transaction was approved by the stock exchange of Bangladesh on the same date.


On March 17, 2013, Green Delta Insurance Company Limited closed the transaction. Gautam Saha and Suchi Sinha from AZB & partners served as legal counsel's to the investor for the transaction.