IFIC Bank approved Tk 500 crore bond

The Bangladesh Securities and Exchange Commission (BSEC) has approved IFIC Bank Limited’s proposal for unsecured, non-convertible, floating rate and subordinated bonds worth Rs 500 crore.

The approval was given at the 780th meeting of the BSEC on Wednesday (June 30).

This information has been given in a press release signed by BSEC Executive Director (Current Responsibilities) and Spokesperson Mohammad Rezaul Karim.

It is learned that the coupon rate of the subordinated bond is minimum 7.50% and maximum ceiling is 10.50%. Which will be issued through private placement in favor of financial institutions, mutual funds, insurance companies, listed banks, cooperative banks, regional rural banks, organizations, trusts, autonomous corporations and other eligible investors.

IFIC Bank will strengthen its Tier-II capital base by raising funds from various institutions through this bond issue. The face value of each unit / lot of this bond is Rs. 1 crore.

The trustee of this bond is Army Welfare Insurance and Standard Chartered Bank is acting as the arranger.

Sunbd/NJ