The Bangladesh Securities and Exchange Commission (BSEC) yesterday approved two bonds in favour of Al-Arafah Islami Bank Limited and PRAN Agro Limted worth Tk710 crore.
The Stock market regulator gave the approval at a commission meeting held in Dhaka on Thursday. BSEC chairman Prof Shibli Rubayat Ul Islam presided over the meeting.
The BSEC approved Al-Arafah Islami Bank’s Tk500 crore non-convertible, floating rate, mudaraba subordinated tier-2 capital bond. The tenure of the bond is seven years.
The bond will strengthen the capital base of the company. Per unit price of the bond is Tk5 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.
Green Delta Insurance will act as the trustee and Prime Bank Investment Limited as arranger for the bond.
At Thursday's meeting, the BSEC also approved the PRAN Agro Limted’s fully redeemable non-convert unsecured corporate guarantee bond, worth Tk210 crore. Per unit price of the bond is Tk10 lakh. The tenure of the bond is seven years. The discount rate of this bond is 8% to 10%.
Green Delta Insurance will act as the trustee and Riverstone Capital Limited as arranger for the bond.
