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The board of directors of the Exim Bank Limited has adopted the resolution for the issuance of Mudaraba Subordinated Bond of Tk 6.0 billion, said an official disclosure on Thursday.
“The board has accorded its approval for issuance of Mudaraba Subordinated Bond for Tk 6.0 billion only as a process of inclusion in Tier-II capital,” said the disclosure.
The issue size of the bond is Tk 6.0 billion the tenure of which will be seven years.
The unit of the bond will be issued through private placement subject to the approval of the regulatory authorities and compliance of all formalities in this respect, the disclosures added.
Each share of the bank, which was listed on the Dhaka bourse in 2004, closed at Tk 14.50 on Wednesday on the Dhaka Stock Exchange (DSE).
The board of directors of the bank has recommended 12.50 per cent cash dividend for the year ended on December 31, 2017.
The Exim Bank has also reported consolidated earnings per share (EPS) of Tk 2.34, consolidated net operating cash flow per share (NAV) per share of Tk 19.58 and consolidated net operating cash flow per share (NOCFPS) of Tk 4.02 for the year ended on December 31, 2017 as against Tk 2.15, Tk 18.74 and Tk (3.42) respectively for the same period of the previous year.
The final approval will come during the annual general meeting (AGM) scheduled to be held on June 27 in Dhaka. The record date is on May 22.
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 41.58 per cent stake in the bank while institutional investors own 18.07 per cent, foreign investors 4.30 per cent and the general public 36.05 per cent as of March 30, 2018.
The bank disbursed 15 per cent cash dividend for the year ended on December 31, 2016.