Social Islami Bank’s Tk 500 crore bond gets the go-ahead

Bangladesh Securities and Exchange Commission on Wednesday approved Social Islami Bank’s Tk 500 crore unsecured contingent-convertible bond to strengthen its capital base.

The per unit price of the bond was fixed at Tk 10 lakh, which will be sold to banks, financial institutions, insurance companies, corporate bodies, asset management companies, mutual funds and high net-worth individuals through private placements.

EBL Investment will act as the trustee, while City Bank Capital Resources and Prime Bank Investment will be the arrangers for the bond.

Shares of Social Islami, which was listed in 2000, closed Wednesday unchanged from the previous day at Tk 12.4.