Dhaka, Bangladesh (BBN)-IDLC Finance Limited obtained Bangladesh securities regulator’s approval to raise BDT 5 billion funds through issuance of deep discount and infrastructure bonds.
The company will issue five-year infrastructure and deep discount bonds, also known as zero coupon bonds.
The banks, corporate houses, insurance companies, non-banking financial institutions, asset management companies, mutual funds, merchant banks and high net worth individuals will be allowed to purchase the bonds through distribution of private placement.
The Bangladesh Securities and Exchange Commission approved the IDLC Finance Limited proposal on Wednesday at a meeting in the BSEC office of Dhaka.
The characteristics of the bond will be fully redeemable.
IDLC Finance Limited will utilise the fund for its ongoing development.
The offer price of the units of the bond to be issued by IDLC finance is of BDT 1.0 million per unit.
During the day’s meeting, the securities regulator has fined Western Securities and Investment Management BDT 1.0 million for breaching the securities rules.
It also fined Island Securities BDT 0.2 million for breaching the securities rules.