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Jamuna, Pubali Banks get BSEC nod for subordinated bonds
Jamuna Bank and Pubali Bank have received approval from the Bangladesh Securities and Exchange Commission (BSEC) to raise capital through subordinated bonds.
Jamuna Bank will issue its Non-Convertible, Unsecured, Fully Redeemable, Floating Rate Subordinated Bond-V worth Tk 8,000 million under private placement.
The issue will comprise 16,000 bonds with a face value of Tk 500,000 each, carrying a coupon rate based on the reference rate plus margin.
The bank had earlier disclosed its plan to the Dhaka Stock Exchange on April 21, with BSEC granting consent on September 28.
Pubali Bank has also secured BSEC approval for its 5th Subordinated Bond worth Tk 5,000 million, to be raised through private placement.
The Unsecured, Non-Convertible, Redeemable Floating Rate bond will consist of 50,000 units at Tk 100,000 each.
BSEC’s approvals are conditional on compliance with relevant regulations. Both banks said the funds will strengthen their capital base, reports UNB.