Dhaka, Bangladesh (BBN)-The board of directors of National Credit and Commerce Bank (NCC Bank) has decided to issue non-convertible, redeemable subordinated bond worth BDT 4.0 billion, 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 shareholders in general meeting, Bangladesh Securities and Exchange Commission and Bangladesh Bank, said the disclosure.
NCC Bank was listed on the Dhaka bourse in 2000.
The bank belongs to the “A” category.
The sponsor-directors own 39.14 percent stake in the NCC Bank, while institutional investors own 11.33 per cent, foreign investors 0.60 per cent and the general public 48.93 per cent as on January 31, 2016.
The company’s paid-up capital is BDT 10,000 million and authorised capital is BDT 8,832.18 million, while total number of securities is 883,218,003, according to statistics from the DSE.
Wednesday’s closing price of each NCC Bank share was BDT 8.50.