The Bangladesh Securities and Exchange Commission (BSEC) has approved a zero coupon bond of Tk 1,350 crore for BRAC, a listed banking company.

The approval was given at the 760th commission meeting held on Wednesday (February 3). This information has been given in the press release signed by the Executive Director (Current Responsibilities) and Spokesperson of BSEC Mohammad Rezaul Karim.

It is learned that the bonds will be issued for a period of one and a half to five years and will be issued to institutional investors and highly wealthy individuals through private placements.

Note that this will increase the microfinance activities of the institution by raising money through bond issue.

The face value of each unit in this bond is one crore rupees. MTB Capital Limited and RSA Capital are acting as trustees and moderated lead arrangers of the bond, respectively. The bond is conditional on inclusion on the Alternative Trading Board.

Sunbd/NJ