Dhaka, Bangladesh (BBN) - The board of directors of Shahjalal Islami Bank has approved for issuance of Mudaraba Subordinated Bond worth BDT 4.0 billion, said an official disclosure on Monday.
“The board has accorded its approval for issuance of Mudaraba Subordinated Bond for BDT 4.0 billion only as a process of inclusion in Tier-II Capital for a period of 7 years through private placement,” said the disclosure.
The bond issue is subject to approval of the regulatory authorities – Bangladesh Bank, Bangladesh Securities and Exchange Commission and compliance of all formalities in this respect, the disclosure said.
Shahjalal Bank was listed on the Dhaka bourse in 2007. The bank belongs to the “A” category.
The sponsor-directors own 42.54 percent stake in the bank, while institutional investors own 32.13 per cent, and the general public 25.33 percent as on July 31, 2016.
The bank’s paid-up capital is BDT 7,346.88 million and authorised capital is BDT 10,000 million, while total number of securities is 734,688,133, according to statistics from the DSE.
Each share of the bank traded between BDT 11.50 and BDT 11.60, before closing at BDT 11.50 on Sunday.
BBN/SSR/BB