BSEC approves Tk 5.0b mudaraba bond by EXIM Bank
FE REPORT |
May 31, 2021, 9:15 a.m.
June 1, 2021, 11:23 a.m.
The securities regulator has approved the proposal for issuance of subordinated mudaraba bonds worth Tk 5.0 billion by EXIM Bank.
The approval came at a meeting at the Bangladesh Securities and Exchange Commission (BSEC) office on Sunday.
The other characteristics of the bond are non-convertible, unsecured and at variable rates.
The bank will use the fund to strengthen its Tier II capital base. The bond’s offer price is Tk 10 million per unit.
The units of the bond will be distributed among financial institutions, mutual funds, insurers, listed banks, among others, through private placements.
Sena Kalyan Insurance Company and Standard Chartered Bank work as the bond trustee and arranger respectively.
At Sunday’s meeting, the securities regulator also decided to restructure the board of directors of Fareast Stocks & Bonds, a Dhaka Stock Exchange (DSE) brokerage firm.
The decision comes in the context of the company’s failure to comply with regulatory instructions communicated earlier.
“BSEC has decided to restructure the board of directors of the company in the interest of the capital market and investors,” BSEC officials said.