Dhaka, Bangladesh (BBN)– The board of directors of Standard Bank Limited has decided to issue Standard Bank Coupon bearing non-convertible subordinated debt worth BDT 4.0 billion, said an official disclosure on Sunday.
“The board of directors has decided to issue the debt for the period of 7 years with floating rate (at average fixed deposit rates of 6 months of private commercial schedule banks of equal credit rating plus 2.0 per cent margin) under Tier-II Capital through private placement,” said the disclosure.
The issuance is subject to approval of the regulatory authorities – Bangladesh Bank, Bangladesh Securities and Exchange Commission and compliance of all formalities in this regard, the disclosure said.
Standard Bank was listed on the Dhaka bourse in 2003. The bank belongs to the “A” category.
The sponsor-directors own 46.16 percent stake in the Standard Bank, while institutional investors own 5.90 percent, and the general public 47.94 percent as on May 31, 2016.
The company’s paid-up capital is BDT 7,541.02 million and authorised capital is BDT 15,000 million, while total number of securities is 754,101,902, according to statistics from the DSE.
Each share of the bank closed at BDT 8.30 on Thursday, the last trading session before Eid vacation.