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The securities regulator has accorded consent to Exim Bank for issuing Tk 6.0 billion Mudaraba Subordinated Bond, said an official disclosure on Wednesday.
Bangladesh Securities and Exchange Commission (BSEC) approved the bank’s bond issue proposal at its commission meeting held Tuesday.
The regulator approved the bond issue under the provision of the Securities and Exchange Commission (Private Placement of Debt Securities) Rules, 2012 for issuance of 7 years Floating Rate, Non-Convertible , Mudaraba Subordinated Bond only through Private Placement.
The purpose of issuance of the Bond is to raise the Tier-II Capital of the Company and its issue price will be 100 per cent at par.
Each share of the bank, which was listed on the Dhaka bourse in 2004, closed at Tk 12.20 on Tuesday on the Dhaka Stock Exchange (DSE).
The board of directors of the bank disbursed 12.50 per cent cash dividend for the year ended on December 31, 2017.
The bank’s paid-up capital is Tk 14.12 billion and authorised capital Tk 20 billion while total number of securities is 1.41 billion, according to DSE statistics.
Sponsor-directors own 40.66 per cent stake in the bank while institutional investors own 18.73 per cent, foreign investors 3.90 per cent and the general public 36.71 per cent as of January 31, 2019.
The bank disbursed 15 per cent cash dividend for the year ended on December 31, 2016.