Dhaka, Bangladesh (BBN)-The board of directors of Bank Asia has decided to issue Non-Convertible Subordinated Bond with an issue price of BDT 5.0 billion to raise capital of the Bank, said a company disclosure on Thursday.
“The issuance of Bank Asia 7 Year Floating Rate Non-Convertible Subordinated Bond with an issue price of BDT 5.0 billion to raise regulatory capital (Tier 2) of the company as per BASEL III norms,” said a statement posted on the Dhaka Stock Exchange (DSE) on Thursday.
However, the company said, the bond issue is subject to the approval from the Bangladesh Bank and Bangladesh Securities & Exchange Commission.
The bank was listed on the Dhaka bourse in 2004.
The bank belongs to the “A” category.
The company’s paid-up capital is BDT 8,393 million and authorised capital is BDT 15,000 million while total number of securities is 839,295,153, according to DSE figures.
The sponsor-directors own 46.47 per cent stake in the Bank Asia, while institutional investors own 33.91 per cent, foreign 0.32 per cent and the general public 19.3 per cent.
Wednesday’s closing price of each Bank Asia share was BDT 17.3.
BBN/SK/AD