The Bangladesh Securities and Exchange Commission (BSEC) Wednesday approved bonds of NRBC Bank worth Tk500 crore.
The decision came at 840th meeting of the commission held in Dhaka, BSEC Executive Director and spokesperson Mohammad Rezaul Karim told UNB.
NRBC would raise Tk500 crore by issuing non-convertible, unsecured, fully redeemable, floating rate subordinated bonds. The bonds would be issued through private placement.
The face value of each bond is Tk1 crore, and the coupon rate is 7 to 9 percent.
With the bond proceeds, the lender would strengthen its Tier-2 capital base.
The trustee of the bonds is City Bank Capital Resources, and UCB Investment is the lead arranger, Rezaul said.
Source: United News of Bangladesh