Dhaka, Bangladesh (BBN) – The board of directors of First Security Islami Bank of Bangladesh has decided to issue fully redeemable non-convertible “Mudaraba Subordinated Bond”.

The non-convertible mudaraba subordinated bond will be BDT 7.0 billion and fund will be raised through private placement with seven years maturity, said an official disclosure on Thursday.

The bank will issue the bond for raising fund to meet capital requirement under Basel III and to strengthen the regulatory capital base of the Bank.

The bond issue is subject to approval of the regulatory authorities like Bangladesh Securities and Exchange Commission and Bangladesh Bank, said the disclosure.

As per the un-audited financial statements of the bank, consolidated EPS was BDT 0.13 for July-September 2018 as against BDT 0.24 for July-September 2017.

In nine months, consolidated EPS was BDT 0.58 for January-September 2018 as against BDT 0.97 for January-September 2017.

Consolidated NOCFPS was minus BDT 6.14 for January-September 2018 as against minus BDT 9.47 for January-September 2017.

Consolidated NAV per share was BDT 15.60 as on September 30, 2018 and BDT 14.26 as on September 30, 2017.

First Security Islami Bank, which was listed on the Dhaka bourse in 2008, disbursed 10 percent stock dividend for the year ended on December 31, 2017.

The sponsor-directors own 37.22 percent stake in the bank, while institutional investors own 12.98 percent, foreign investors 4.87 percent and the general public 44.94 per cent as on September 30, 2016.

The company’s paid-up capital is BDT 10 billion and authorised capital is BDT 7.84 billion, while total number of securities is 784.09 million, according to statistics from the DSE.

Each share of the bank closed at BDT 10.20 on Wednesday at Dhaka bourse.