The Financial Express

BSEC approves Tk 5.0b mudaraba bond by EXIM Bank

| Updated: June 01, 2021 11:23:25

BSEC approves Tk 5.0b mudaraba bond by EXIM Bank

The securities regulator has approved the proposal of issuing mudaraba subordinated bond worth Tk 5.0 billion by the EXIM Bank.

The approval came Sunday at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).

The other characteristics of the bond are non-convertible, unsecured, and floating rate.

The bank will utilise the fund to strengthen its Tier-II capital base. The offer price of the bond 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 placement.

Sena Kalyan Insurance Company and Standard Chartered Bank are working as trustee and arranger of the bond respectively.

At Sunday's meeting, the securities regulator has also decided to restructure the board of the Fareast Stocks & Bonds, a brokerage firm of the Dhaka Stock Exchange (DSE).

The decision came in the backdrop of the company's non-compliances with the regulatory instructions delivered earlier.

"The BSEC has decided to restructure the company's board for the sake of the capital market and investors," the BSEC officials said.

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