BSEC approves Tk800cr in bonds for two banks

The commission also decided that all perpetual bonds for banks will be listed on the main platform of the stock exchanges

Bangladesh Securities and Exchange Commission (BSEC) on Sunday approved proposals of One Bank and Mutual Trust Bank on issuing unsecured, non convertible and perpetual bonds worth Tk800 crore.

The commission also decided that all perpetual bonds for banks will be listed on the main platform of the stock exchanges.

Stock market regulator took the decisions at a commission meeting held in Dhaka on Sunday. BSEC chairman Prof Shibli Rubayat Ul Islam presided over the meeting.

The BSEC approved One Banks’s Tk400 crore non-convertible BASEL three complaint perpetual bond. The purpose of the issue is to strengthen the capital base of the company. Per unit price of the bond is Tk10 lakh.

The units will be sold to banks, financial institutions, insurance companies, corporate bodies, asset management companies, mutual funds, and high net worth individuals, “other than existing” shareholders of the company through private placements in cash consideration.

At Sunday’s meeting, the BSEC also approved the Mutual Trust Bank’s non-convertible BASEL three compliant, perpetual bond, worth Tk400 crore. Per unit price of the bond will be Tk10 lakh.

At the meeting, the commission decided that all perpetual bonds for banks will be listed and tradable securities on the main platform of the stock exchanges. The BSEC will create the necessary rules for listing of the bonds on the main platform of the stock exchanges.