BSEC nod for three banks to issue Tk 21b bonds

FE Report
The securities regulator has given approval to three private commercial banks to raise capital of an aggregate amount of Tk 21 billion through issuing subordinated bonds.
The Bangladesh Securities and Exchange Commission (BSEC) endorsed the proposals of the banks at a meeting held at the BSEC on Tuesday.
The banks -- Pubali Bank, Social Islami Bank Ltd. and Islami Bank Bangladesh Ltd. -- will raise the capital to strengthen their Tier-II capital base.
As per the regulatory approval, Pubali Bank will raise Tk 7.0 billion by issuing non-convertible, floating-rate subordinated bond.
Social Islami Bank Ltd. (SIBL) will raise Tk 6.0 billion through issuing SIBL 4th non-convertible and unsecured mudaraba floating-rate bond.
Islami Bank Bangladesh Ltd. (IBBL) will raise Tk 8.0 billion through issuing IBBL 4th mudaraba redeemable non-convertible floating rate subordinated bond.
These bonds will be issued to institutions and high-net-worth individuals through private placements.
At Tuesday's meeting, the securities regulator also approved the prospectus of an open-end mutual fund namely 'Grameen Bank AIMS First Unit Fund'.
The initial size of the fund will be Tk 1.575 billion, of which Tk 1.0 billion has been contributed by Grameen Bank as sponsor. And Tk 181.2 million will be raised through pre-IPO placements and the remaining Tk 393.8 million will be collected from general public.
The AIMS of Bangladesh is working as the asset manager of the Grameen Bank AIMS First Unit Fund.
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