The regulatory body Bangladesh Securities and Exchange Commission (BSEC) has approved the bond issue of Tk. 400 crore of Pubali Bank PLC, a company listed in the banking sector in the capital market. This bond was approved in the 931st commission meeting held on Tuesday (November 12) under the chairmanship of BSEC Chairman Khandkar Rashed Maqsood.

This information was given in a press release signed by BSEC Executive Director and Spokesperson Rezaul Karim after the meeting.

It is known that Pubali Bank’s Tk. 400 crore bond will be a convertible, floating rate, non-convertible, unsecured subordinated bond. The coupon rate of which will be determined by adding 3 percent to the reference rate.

The bond will be issued through private placement to institutional investors and high net worth individual investors. The face value of each unit of this bond is Tk. 10 lakh. Pubali Bank will strengthen its Tier-II capital base by raising funds through the bond issue.

DBH Finance plc is acting as trustee for the bond and UCB Investments Limited is acting as arranger. Besides, the bond will be listed on the Alternative Trading Board.