Mir Akhter to raise Tk 250cr through zero-coupon bond

The Bangladesh Securities and Exchange Commission (BSEC) has approved a non-convertible, redeemable, unsecured, zero-coupon bond worth Tk 249.90 crore in favour of Mir Akhter Hossain Limited (MAHL).

The approval came at the 841st commission meeting held on Monday, according to a statement. The company will use the proceeds to repay debt and manage working capital.

Denomination size of the bond is Tk 5 each and one lot is worth Tk 1207.18 crore. The bond tenure will be four years and it will be issued at 7 to 9 per cent discount considering the market.

The bond will be repaid at face value for a total 6 months out of a total of 48 months at intervals of 6 months starting from 18 months.

IDLC investment Limited is the lead arranger and UCB Investment Limited will act as the trustee for the bond.

Mir Akhter Hossain had issued another Tk 250 crore zero-coupon bond last year.