Home / Knowledge / News / Textiles / Bangladesh's Envoy Textiles raises Tk 70cr
Bangladesh's Envoy Textiles raises Tk 70cr
09
Apr '16
Courtesy: Envoy textile
Courtesy: Envoy textile
Envoy Textiles, one of Bangladesh's leading textile companies, manufacturing high-quality denim fabrics for clients across the g1obe, has raised Tk 70 crore ($89,30,971) through commercial papers, a short-term unsecured debt instrument.

City Bank Capital arranged a commercial paper for that amount. The investors to the instrument are Pubali Bank Limited, Prime Bank Limited, and Industrial Promotion and Development Company of Bangladesh Limited (IPDC), Envoy Textiles, a concern of Envoy Group, said in a statement.

A commercial paper is issued by companies to meet their interim financing needs. It is issued at a discount from the prevailing market interest rates.

Since it is not backed by collateral, only firms with excellent credit ratings can find buyers without having to offer a substantial discount (higher cost) for the debt issue.

“As one of the leading textile companies in the sector, Envoy Textiles has greatly contributed to the growth of textiles and denim exports throughout the world,” said Kutubuddin Ahmed, chairman of Envoy Group at the subscription closing ceremony in Dhaka on Wednesday.

“Our motivation lies in delivering utmost client satisfaction, engaging in relentless innovation in our production to enhance the quality of our fabrics.”

Envoy Textiles engages cutting-edge technology in their manufacturing process, and is the pioneer in bringing rope dyeing technology to Bangladesh, the statement said.

Over the years, the company has grown to become the largest denim producing unit in Bangladesh, with an annual turnover of Tk 547 crore. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Decision in UK budget to attract investment in retail: BRC

Textiles | On 24th Nov 2017

Decision in UK budget to attract investment in retail: BRC

British finance minister Philip Hammond’s announcement in his budget...

Courtesy: Shangdong Ruyi

Textiles | On 24th Nov 2017

Shangdong Ruyi to acquire major stake in Bagir

Shangdong Ruyi Technology Group Ltd, one of the leading Asian global...

Chinese e-commerce firm JD.com invests $44 mn in Tiki.vn

Apparel/Garments | On 24th Nov 2017

Chinese e-commerce firm JD.com invests $44 mn in Tiki.vn

Chinese e-commerce firm JD.com has invested $44 million in Tiki.vn, a ...

Interviews View All

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

November 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search