Home ›› 27 Apr 2022 ›› Stock
The Bangladesh Securities and Exchange Commission (BSEC) has approved the proposal of the City Bank to raise Tk 700 crore from the stock market through bonds.
The commission approved the issuance of the non-convertibles, unsecured, fully paid-up, redeemable, floating-rate subordinated bond for eight years in favour of City Bank, said the regulator in a statement on Tuesday.
The bank will issue the bond to strengthen its Tier-2 capital base. The per-unit price has been fixed at Tk 1 core for private placement holders.
Financial institutions, insurance companies, corporate bodies, asset management companies, mutual funds, and high net-worth individuals through private placements can purchase the bond.
IDLC Investments Limited will act as the trustee of the bond while City Bank Capital Resources Limited will play the role of the arranger of the bond.
