BURO Bangladesh gets BSEC nod to issue Tk150cr bond

The Bangladesh Securities and Exchange Commission (BSEC) has approved Tk150 crore bond of BURO Bangladesh, a non-governmental organisation (NGO).

The stock market regulator gave the approval of the bond on Wednesday (25 January).  

The bond would be non-convertible, unsecured, fully redeemable, and sustainable finance zero coupons, according to a press release.

The NGO wants to lend this fund to new and ongoing projects whereas environmental, social, and administrative benefits for the SME sector. 

Through private placement, the bond can only be issued to local financial institutional investors, and high-net-worth individuals can buy the bond.

The face value of each unit of the bond will be Tk10 lakh and the price of each lot will be Tk40 lakh.

Sena Kalyan Insurance Company Ltd will act as the trustee of the bond, while Standard Chartered Bank is the arranger of the bond. 

The bond will be listed on the Alternative trading board (ATB) of the stock exchanges as per regulatory requirements.    

BURO Bangladesh is a national non-government social development organisation that was established in 1990 and intended to work for the poor and rural people to reduce human poverty also increase income.

It provides financial and social services to one million low-income people, particularly poor women.

BURO Bangladesh currently serves 2.441 million poor women through its 1,300 branch offices which are managed by 9,832 full-time workforces.