Runner Automobiles PLC has appointed Green Delta Capital Limited as the Mandated Lead Arranger to raise up to Tk250 crore through the issuance of Preference Shares to support its Electric Vehicle (EV) & Plug-in Hybrid Electric Vehicle (PHEV) project in collaboration with BYD.
A signing ceremony to formalize the appointment was held on August 25, with senior officials from both organizations in attendance.
Runner Automobiles is working with BYD, a leading global manufacturer of new energy vehicles, to develop its presence in Bangladesh's growing EV market.
As part of the collaboration, Runner is progressing towards local assembly of BYD vehicles in Bangladesh.
Under the mandate, Green Delta Capital will advise Runner Automobiles on the structuring and execution of the proposed Preference Share issuance and lead the process of raising the required capital.
The proposed financing is expected to support Runner's investment and expansion plans related to the BYD CKD project, including the development of the necessary manufacturing, extensive testing and operating capabilities.
The transaction also comes at a time when Bangladesh's automotive market is gradually moving towards electric and hybrid vehicles, supported by increasing consumer interest and policy initiatives aimed at encouraging cleaner transportation.
The local assembly of BYD vehicles will enable consumers access to modern brand-new BYD vehicles at affordable prices.
The signing between Runner Automobiles and Green Delta Capital represents the beginning of the financing process for the proposed Preference Share issuance, which will be subject to the necessary regulatory and shareholder approvals.