Dhaka, Bangladesh (BBN) – First Security Islami Bank has decided to issue fully redeemable non-convertible subordinated bond worth BDT 4.50 billion, said an official disclosure on Monday.
The board of directors of said the disclosure that “The board of directors has decided to issue fully redeemable non-convertible “Mudaraba Subordinated Bond (Private Placement)” amounting to BDT 4.50 billion through private placement with 7 years maturity”.
The bond issue is subject to approval from the regulatory authorities – Bangladesh Securities and Exchange Commission and Bangladesh Bank for enhancement of Tier-II capital as per requirement of Basel-III and business expansion of the bank, the disclosure added.
First Securities Islami Bank was listed on the Dhaka bourse in 2008.
The bank belongs to the “A” category.
The sponsor-directors own 48 percent stake in the bank, while institutional investors own 17.81 per cent, foreign investors 3.60 per cent and the general public 30.58 per cent as on January 31, 2017.
The company’s paid-up capital is BDT 6788.74 million and authorised capital is BDT 10,000 million, while total number of securities is 678,873,888, the DSE data shows.
Each share of the bank closed at BDT 15.50 on Sunday, remaining unchanged over the previous day at the DSE.