Bangladesh Securities and Exchange Commission (BSEC) on Tuesday approved a non-convertible, fully redeemable, unsecured, and unlisted Mudaraba subordinated bond of Tk300 crore in favor of Islamic Finance and Investment Ltd (IFIL).
BSEC Chairman M Khairul Hossain, approved the bond in a commission meeting held at BSEC headquarters, said a press release.
The company aims to expand its business and repay bank loans and spend on other sectors by issuing the bond.
Tenure of the Islamic Finance and Investment bond will be 7 years. The per-unit price of the bond has been fixed at Tk25 lakh.
The units will be sold to banks, corporate bodies, insurance companies, financial institutions and other institutional investors through private placements.
ICB Capital Management Ltd will act as the trustee and Capitec Asset Management Company Ltd as the arranger of the bond.