The securities regulator has approved the proposal of issuing mudaraba subordinated bond worth Tk 7.0 billion by the First Security Islami Bank Limited.
The approval came Tuesday at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).
The tenure of the bond will be seven years and the characteristics are non-convertible, fully redeemable, unsecured and unlisted.
The bond will be issued to different financial institutions, insurance companies, corporate entities, and other eligible investors through private placement.
The fund will be raised to strengthen the bank's tier-II capital base. The offer price of the bond will be Tk 1.0 million per unit.
Green Delta Insurance Company and Asian Tiger Capital Partner Investments are working as the trustee and lead arranger of the bond respectively.
