The Bangladesh Securities and Exchange Commission (BSEC) gave its approval for Pran Agro Ltd, a sister concern of Pran-RFL Group, to float a non-convertible coupon bearing green bond worth Tk150 crore.
The stock market regulator made the decision at a commission meeting presided over by its chairman Shibli Rubayat-Ul-Islam on Wednesday, it said in a press release.
The face value of each unit of the bond is Tk10 lakh.
The coupon rate of Pran Agro’s bond is 9%.
Only banks, financial institutions, insurance companies, listed banks, trust funds, corporate institutions and other eligible investors will be allowed to purchase the bond through private placement.
Also Read - Pran Agro successfully closes 210C redeemable bond
The organization will utilize the bond proceeds in strengthening its capital and liquidity with keeping environmental balance.
Green Delta Insurance Company acts as trustee and Standard Chartered Bank is the arranger of the green bond.
The regulator at the meeting also decided to form a board of governance of the market stabilization fund.
On Tuesday, the BSEC asked all listed companies and market intermediaries to transfer unclaimed or undistributed funds to a bank account in the name of market stabilization fund by July 30.
Earlier last month, Pran Agro had successfully closed Tk210 crore or $25 million in a non-convertible and redeemable bond - the very first of its kind guaranteed by GuarantCo and other international development finance institutions (DFIs).
The bond was also uniquely subscribed by a global insurance company and the country’s first directly issued digitized bond under the Private Placement of Debt Securities Rules.
